How much is taxable income given

Income

Sales to customers within Botswana 22,092,888 Sales to customers outside Botswana 2,480,736

Profit on sale of non-current asset 43,052 Dividends received 160,110 Dividends Received 267,000 Fair Value Adjustment 300,000= P25,343,786

Expenses

Administrative expenses 3,261,279 Depreciation 793,442 Purchases 11,248,188 Salaries and wages 4,355,313

Impairment of investment 262,500 Interest paid to non-resident 694,083 Motor vehicle expenses repairs 597,842

Motor vehicle expenses fuel 417,953 Provision for loss 525,000 Rent of warehouse 1, 008,681 = 23,164,284

Net Profit 2,179,502

Notes

1. Profit on sale of non-current asset P

Cost 1,009,353 Depreciation (632,970) =376,383

Fair value adjustment (119,435)

= 256,948

Sales price 300,000 Profit on sale of Non Current asset 43052

Profit on sale of non-current asset 43,052

Capital allowances amounting to P550, 923 had been claimed on this asset as at the date of sale.

2. Withholding tax deducted from payments Interest paid to a non-resident (P) 51,750

Other information

1. The total capital allowances claim for the year amounted to P1,072, 209.
2. The company declared a dividend of P1, 800,000 on 10 May 2014 and paid the dividend on 23 July 2014. Trustlam Holdings (Pty) Ltd has both resident and non-resident shareholders. Required:

In respect of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015:

(a) Calculate the taxable income.