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FACULTY OF ECONOMIC & MANAGEMENT SCIENCES ASSIGNMENT 1 Question 1 10 Marks 18 minutes Answer the following, either 'True' or 'False", indicate your answer in your answer book. a) The definition of "Gross Income includes receipts or accruals of a capital nature. b) A casual betting winning by a professional gambler is of a capital nature. c) Inheritance is of a capital nature. d) Income received is taxable even if it is for future services to be rendered or goods to be delivered. e) The real source for rent on immovable properties is determined by the place where the business is located Question 2 25 Marks - 45minutes a) Name any five taxation acts in Namibia? (5) b) Ms. Beukes (a Namibian resident) received remuneration of N$85 000 and a housing benefit of N$6 000 from her employer for the year ended 28/2/2020. How much of her income is exempted? (2) c) Ms. Farrow (a Namibian resident) having worked his last 5 years of employment in Namibia, has received during the tax year an annual pension of N$ 95,000. This was from an American company situated in the Silicon Valley, for whom she had worked for 25 years in total. Indicate whether the above pension received is taxable and if so, how much? (3) d) A German company signs a deed of sale in Namibia for the delivery of German manufactured goods in Canada. Explain whether the sales income is taxable in Namibia? (2) e) Mr. Hamutenya (a Namibian resident) has a taxable income of N$350,000. Hamutenya has in total paid N$ 55,000 'Pay-as-You-Earn (PAYE) to the receiver of revenue in the current year of assessment. Calculate his Tax Liability? (5) ) Name and explain Adam Smith's four canons of taxation? (8) Page 9 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 3 15 Marks - 27 minutes Monica Weyulu had the following income for the year of assessment ending 28 February 2020: N$ 10 000 Salary Director's Fee 2 000 Interest from First National Bank 1 000 Interest from Bank in the US 4 000 Dividends 2 000 Legacy 100 000 Gift 20 000 Profit on sale of house 10 000 5 000 3 000 1 000 50 000 Share Premium receipt Subsidy on soil erosion Annuity from insurance company Lump sum from employer Profit from business branch in South Africa Sale of shares held as: Investment Trading Stock 10 000 8 000 6 000 Required: Calculate the gross income of Monica Weyulu for the year of assessment ending at 28 February 2020 Page 10 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 4 25 MARKS - 45 minutes Mr James is a sales manager at Shoe City Corporation. The following information is the income and expenditure for the year ended 2020: Income: N$ Salary Director's fee Profit from business Farming profit Profit on sale of house Profit on sale of shares held as investment Legacy received Gift from mother Prize from employer for making most sales Uniform allowance 100,000 4,000 20,000 15,000 100,000 10,000 20,000 10,000 2,000 4,000 Expenses: Pension contribution RAF contribution Education policy premiums Donation to university Medical aid premiums Medical aid expenses Insurance premiums 15,000 20,000 2,000 2,000 4,000 2,000 1,000 Required: Calculate the taxable income for Mr. James for the year ended 2020. Page 11 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 5 15 Marks - 27 minutes a) Name five requirements of a valid tax invoice (5) b) Explain the difference between customs duty and excise duty (4) c) Indicate whether the following transactions are standard-rated, zero-rated or exempt transactions for VAT purposes: (6) i. Purchase of fuel Receive interest on an investment Letting of commercial property iv. University tuition fees Construction of a building used for residential purpose vi. Supply of public transport service il. iii. V. Question 6 10 Marks - 18 minutes Donald enterprise cc a registered company submitted the following transaction you to determine their VAT payable for the two month period ended 31 April 2020: Sale of goods at N$2,185,000 for cash Sale of goods valued at N$1,207,400 on credit Sale of gods valued at N$805,000 to international clients and exported it directly Received payments from debtors which were already accounted for N$360,000 Purchased goods locally at N$1,955,000 on credit Required: Calculate the VAT to be charged on the above transactions. Page 12 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Appendix A: Individual tax rate table Income Bracket NS O-NS50,000 N$ 50,001 - NS 100,000 . N$ 100,001 - N$ 300,000 Tax calculation NIL (No tax) 18 % of amount above N$ 50,000 N$ 9,000 + 25% of amount above N$ 100,000 N$ 59,000 + 28% of amount above NS 300,000 NS 115,000 + 30% of amount above N$500,000 N$ 205,000 + 32% of amount above N$ 800,000 N$ 429,000 + 37% of amount above N$ 1,5 mill. N$ 300,001 - N$ 500,000 N$ 500,001 - N$ 800,000 N$ 800,001 - N$ 1,5 mill. Above NS 1,5 million FACULTY OF ECONOMIC & MANAGEMENT SCIENCES ASSIGNMENT 1 Question 1 10 Marks 18 minutes Answer the following, either 'True' or 'False", indicate your answer in your answer book. a) The definition of "Gross Income includes receipts or accruals of a capital nature. b) A casual betting winning by a professional gambler is of a capital nature. c) Inheritance is of a capital nature. d) Income received is taxable even if it is for future services to be rendered or goods to be delivered. e) The real source for rent on immovable properties is determined by the place where the business is located Question 2 25 Marks - 45minutes a) Name any five taxation acts in Namibia? (5) b) Ms. Beukes (a Namibian resident) received remuneration of N$85 000 and a housing benefit of N$6 000 from her employer for the year ended 28/2/2020. How much of her income is exempted? (2) c) Ms. Farrow (a Namibian resident) having worked his last 5 years of employment in Namibia, has received during the tax year an annual pension of N$ 95,000. This was from an American company situated in the Silicon Valley, for whom she had worked for 25 years in total. Indicate whether the above pension received is taxable and if so, how much? (3) d) A German company signs a deed of sale in Namibia for the delivery of German manufactured goods in Canada. Explain whether the sales income is taxable in Namibia? (2) e) Mr. Hamutenya (a Namibian resident) has a taxable income of N$350,000. Hamutenya has in total paid N$ 55,000 'Pay-as-You-Earn (PAYE) to the receiver of revenue in the current year of assessment. Calculate his Tax Liability? (5) ) Name and explain Adam Smith's four canons of taxation? (8) Page 9 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 3 15 Marks - 27 minutes Monica Weyulu had the following income for the year of assessment ending 28 February 2020: N$ 10 000 Salary Director's Fee 2 000 Interest from First National Bank 1 000 Interest from Bank in the US 4 000 Dividends 2 000 Legacy 100 000 Gift 20 000 Profit on sale of house 10 000 5 000 3 000 1 000 50 000 Share Premium receipt Subsidy on soil erosion Annuity from insurance company Lump sum from employer Profit from business branch in South Africa Sale of shares held as: Investment Trading Stock 10 000 8 000 6 000 Required: Calculate the gross income of Monica Weyulu for the year of assessment ending at 28 February 2020 Page 10 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 4 25 MARKS - 45 minutes Mr James is a sales manager at Shoe City Corporation. The following information is the income and expenditure for the year ended 2020: Income: N$ Salary Director's fee Profit from business Farming profit Profit on sale of house Profit on sale of shares held as investment Legacy received Gift from mother Prize from employer for making most sales Uniform allowance 100,000 4,000 20,000 15,000 100,000 10,000 20,000 10,000 2,000 4,000 Expenses: Pension contribution RAF contribution Education policy premiums Donation to university Medical aid premiums Medical aid expenses Insurance premiums 15,000 20,000 2,000 2,000 4,000 2,000 1,000 Required: Calculate the taxable income for Mr. James for the year ended 2020. Page 11 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 5 15 Marks - 27 minutes a) Name five requirements of a valid tax invoice (5) b) Explain the difference between customs duty and excise duty (4) c) Indicate whether the following transactions are standard-rated, zero-rated or exempt transactions for VAT purposes: (6) i. Purchase of fuel Receive interest on an investment Letting of commercial property iv. University tuition fees Construction of a building used for residential purpose vi. Supply of public transport service il. iii. V. Question 6 10 Marks - 18 minutes Donald enterprise cc a registered company submitted the following transaction you to determine their VAT payable for the two month period ended 31 April 2020: Sale of goods at N$2,185,000 for cash Sale of goods valued at N$1,207,400 on credit Sale of gods valued at N$805,000 to international clients and exported it directly Received payments from debtors which were already accounted for N$360,000 Purchased goods locally at N$1,955,000 on credit Required: Calculate the VAT to be charged on the above transactions. Page 12 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Appendix A: Individual tax rate table Income Bracket NS O-NS50,000 N$ 50,001 - NS 100,000 . N$ 100,001 - N$ 300,000 Tax calculation NIL (No tax) 18 % of amount above N$ 50,000 N$ 9,000 + 25% of amount above N$ 100,000 N$ 59,000 + 28% of amount above NS 300,000 NS 115,000 + 30% of amount above N$500,000 N$ 205,000 + 32% of amount above N$ 800,000 N$ 429,000 + 37% of amount above N$ 1,5 mill. N$ 300,001 - N$ 500,000 N$ 500,001 - N$ 800,000 N$ 800,001 - N$ 1,5 mill. Above NS 1,5 million