Mauritian Satellite Services Ltd is a global license company incorporated in accordance with the Mauritian Law. The company principal activity is to provide boardband connection for Direct to Home (like Canal Plus). For the year ended 31 Dec 2021, the draft income statement shows the following details: USD Turnover Less: Cost of Sales Satellite Slot Satellite insurance Satellite operation fees Depreciation of satellite Total cost of sales Gross profit Other income Termination of contact Unrealised gain EXPENSES Staff cost Rent Travelling expenses Legal and Professional Expenses Depreciation Other expense Management services Operating profit Finance income Finance Cost Net profit before tax Notes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1,400,000 3,500,000 1,200,000 17,000,000 150,000 30,000 25,000 75,000 5,000 25,000 2,000,000 500,000 3,800,000 USD 55,000,000 (23,100,000 31,900,000 2,500,000 200,000 (2,300,000) 32,300,000 (3,300,000) 29,000,000 NOTES 1. Turnover has not taken into consideration service rendered amount USD 1,000,000 but not yet bill as contract has not been signed despite the term and condition agreed. Satellite slot fees is USD 120,000 per month. 2. 3. Satellite insurance include insurance agent fees of USD 150,000 for three satellite (including two owned by sister companies) and the month insurance cost is USD 300,000. 4. Satellite operation cost is USD 100,000 per month. 5. The company make provision for depreciation of Satellite base on the actual fuel consumed. The total cost of constructing the satellite cost USD 375,000,000 in 2015. 6. Termination of contract relates to fees paid by a customer to terminate their contract before the ending date. Unrealised gain relates to revaluation of deposit from customer in INR. 7. 8. Staff cost relates to salaries and other benefit paid to the employees of the company. The company has not provided for the employee gratuity amount to USD 10,000 9. Rent amount include 3-month deposit. 10. Travelling expense relates to travel abroad for employees. 11. Legal and professional expenses relate to auditing fee provision amounting to USD 15,000 made by the company. 12. Depreciation amounting USD 5,000 to furniture and fitting costing USD 750,000 in 2018. 13. Other expense are general office expenses such as stationeries. 14. Management fees is USD 150,000 on monthly basis. 15. Finance income relates to interest received from the bank. 16. Finance cost include USD 200,000.00 which is penalties for late payment of capital and interest. 17. On 31 Dec 2021, USD was purchase for 46 and was sold for 47.50 REQUIRED From the above information compute the amount of tax payable under the Income Tax Act 1995