AMB is a domestic company incorporated in Mauritius. Its drafts Income Statement for the year ended 31 December 2020 is as follows: Notes MUR MUR Turnover 1 4,700,000 Less: Cost of Sales 2 2,400,000 Gross Profit 2,300,000 Other income Dividend 3 125,000 Interest 4 450,000 EXPENSES Wages and salaries 5 450,000 Rent 6 240,000 Repairs 7 50,000 Unrealised loss 8 450,000 Travelling expenses 9 225,000 Legal and Professional Expenses 10 50,000 Depreciation 11 67,000 Interest 12 7,000 Light and Heat 13 5,000 Sundry Business Expenses 14 2,500 Motor Vehicle Expenses 15 4,500 Advertising Expenses 16 500,000 (2,051,000) Net Profit before taxation 824,000 Page 5 of 9 NOTES 1. Turnover includes MUR 100,000 representing charges for termination of a contract. 2. Cost of Sales includes depreciation of plant amounting to MUR 300,000. The base value of the assets is MUR 2,000,000. 3. Dividends have been received from an Indian entity. 4. Interest Income was generated from bank balance in Mauritius. 5. Salary includes a special bonus of MUR 50,000 paid to employees based on the performance of the company. 6. The Company has rent a space in respect of a future project and the cost of MUR 25,000 has not been included in the income statement. 7. Repairs were made in office during the year due to pipe busting and insurance has refused to refund it as it was cause due to staff mistake. 8. Unrealised loss occurred on the investment in Indian companys shares 9. Travelling expenses incurred MUR 5,000 for an air ticket as a reward for the best employee award. 10. Legal and Professional Expenses: MUR Accountants Fees 25,000 Solicitors fees for a future project 25,000 --------- 50,000 ===== 11. Depreciation of MUR 67,000 is for a car purchased by the company at a cost of MUR 500,000 in 2018. 12. Interest expenses relates to company credit card used by the CEO during official trips. 13.MUR 5,000 cost for light and Heat includes the expense for CEO house amounting to MUR 2,000. 14.Included in sundry business expenses are MUR 1,000 dinners for CEO daughters birthday. 15.During the year, the company paid the CEO MUR 4,500 for the use of his car for work purpose. Page 6 of 9 16. Advertising expenses relate to an advertisement for a future project. 17. The Company has the following loss in the previous years: Year Amount of loss carryforward Year Amount of loss carry forward 2017 100,000 2013 150,000 2016 50,000 2012 65,000 2015 74,000 2011 55,000 2014 26,000 Total 520,000 REQUIRED From the above information compute the amount of tax payable under the Income Tax Act 1995