Please use the details given on the attachment to solve the VAT questions. Provide well detailed explanation on the rest of the questions

10:04 8 . . . Edit MPS 22 X eakenya.com bempowered www.someak kasneb CPA PART I SECTION 2 CS PART I SECTION 2 CIFA PART I SECTION 2 CCP PART I SECTION 2 PUBLIC FINANCE AND TAXATION THURSDAY: 28 November 2019. Time Allowed: 3 hours. Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings. Any assumptions made must be clearly and concisely stated. RATES OF TAX (Including wife's employment, self-employment and professional income rates of tax). Year of income 2018. Monthly taxable pay Annual taxable pay Rate of tax Sh.) (Sh.) in each Sh. 12,298 147.580 10% 12.299 23,885 147,581 286.623 15% 23,886 35,472 286,624 425,666 20% 35,473 47,059 425,667 564.709 25% Excess over 47,059 Excess over . - 564,709 30% Personal relief Sh.1,408 per month (Sh.16,896 per annum) Prescribed benefit rates of motor vehicles provided by employer Monthly rates Annual rates [Sh.) (Sh.) Capital allowance: (i) Saloons, Hatch Backs and Estates Wear and tear allowance: Up to 1200 cc 3,600 43.200 Class I 37.5% 1201 1500 cc 4,200 50,400 Class II 30% 1501 1750 cc 5,800 69,600 Class III 25% 1751 2000 cc 7,200 86.400 Class IV 12.5% 2001 3000 cc 8,600 103,200 Software 20% Over 3000 cc 14,400 172,800 Industrial building allowance: Up to 200 2.5% From 1 January 2010 10% Hotels 10% Hostels/Education/Film producers buildings 100% From 1 January 2010 - Commercial building: Shop, office or show room) 25% Farm works allowance 100% (ii) Pick-ups, Panel Vans (unconverted) Investment deduction allowance 100% Up to 1750 cc 3,600 43,200 Over 1750 cc 4,200 50,400 Shipping, Investment deduction 100% (Ships over 125 tonnes) (iii) Land Rovers/Cruisers 7,200 86,400 Extraction expenditure: Written off over 5 years (20%) Commissioner's prescribed benefit rates Monthly rates Annual rates Services (Sh.) (Sh.) Electricity (Communal or from a generator) 1.500 18,000 Water (Communal or from a borehole) 500 6,000 Agriculture employees: Reduced rates of benefits (1) Water 200 2.400 Electricity 900 10,800 CA23, CS23, CF23 & CP23 Page 1 Out of 6 (5 markskenya.com QUESTION ONE (a) Summarise five roles of the County Assembly in public finance management. (b) Propose five sources of revenue for county governments. ($ marks) (c) Outline the stages to be followed in the budget process for the National Government in any financial year, \\ (10 marks) (Total: 20 marks) QUESTI (a) (b) Tools Mobile View Share O C