Question $1$

Brian Ndlovu is employed as a Manager in Harare. During the year ended $31$ December $2023,$ he had the following incomes and expenditures:

Receipts and Accruals during the year

Salary $140,000\mathrm{.}00$

Performance Related Award $50,000\mathrm{.}00$

Commission $70,000\mathrm{.}00$

Entertainment Allowance $60,000\mathrm{.}00$

POSB Interest $40,000\mathrm{.}00$

Interest from tax reserve certificate $10,000\mathrm{.}00$

Medical aid contributions by employer $5,000\mathrm{.}00$

Compensation for injury at work $6,000\mathrm{.}00$

Expenses paid during the year:

Pension Contributions $5,000\mathrm{.}00$

Contributions to Retirement Annuity Fund $3,000\mathrm{.}00$

Medical Expenses $42,000\mathrm{.}00$

Membership subscriptions to CIS $16,000\mathrm{.}00$

Joining fees to the secretaries club $10,000\mathrm{.}00$

Contributions to unapproved fund $20,000\mathrm{.}00$

Contributions to life assurance policy $5,000\mathrm{.}00$

Medical aid society contributions $50,000\mathrm{.}00$

PAYE Deducted $140,000\mathrm{.}00$

Additional Information:

$1.$ Brian$$s Medical aid society only covered half of the medical expenses.

$2.$ He had use of company car with an engine capacity of $3000$cc for private use.

$3.$ On $01$ January $2023,$ Brian was granted an interest free loan by his employer amounting to $$100000,$ of which $$60000$ was for payment of fees for his child at a college and the balance for personal use.

$4.$ He lives rent free in a house owned by the employer. He moved into the house on $01$ March $2023.$ Rentals in the same locality have been determined to be $$180000$ per annum.

$5.80\%$ of entertainment allowance was expended on the business of the employer.

$6.$ The LIBOR rate for year $2023$ is given as $5\%.$

Required

Calculate the Brian$$s taxable income, and tax payable or refundable for the year ended $31$ December $2023.(30$ Marks$)$

NB: For the calculation of the tax payable for the year please use the USD tax tables for January to December $2023.$