Question 2 20 Marks 36 minutes a) Mr. Handura works as a salesman at Himee Motor spares and earns a fixed salary of N$6,500 per month and sales commission if he sells more than N$30,000 worth of parts. Mr. Shikongo was paid N$32,500 in commission for the year. Mr. Handura paid PAYE amounting to N$10,140 for the year and he made two provisional payments: 31 August 2008 = N$ 1,500 28 February 2009 = N$ 1,200 a) Calculate Mr. Handuras tax liability/refund for the year ended 28 February 2009? (13) b) Mr Kavii received a dividend amount of N$36,000 on fully paid up shares in a building society. Mr Kavii paid interest of N$6,000 on loan made to buy up the shares. Calculate Mr. Kaviis taxable income? c) Nam Tailors (Pty) Ltd is a Namibia company owned by Paulus, a Namibian resident, and Pravin, an Indian resident, who each hold 50% shareholding. The company derives its income from Namibia sources (80%) and Indian sources (20%). A dividend of N$200,000 is declared. Calculate the NRST payable?

The country is Namibia

Question 2 20 Marks - 36 minutes a) Mr. Handura works as a salesman at Himee Motor spares and earns a fixed salary of N$6,500 per month and sales commission if he sells more than N$30,000 worth of parts. Mr. Shikongo was paid N$32,500 in commission for the year. Mr. Handura paid PAYE amounting to N$10,140 for the year and he made two provisional payments: 31 August 2008 = N$ 1,500 28 February 2009 = N$ 1,200 Calculate Mr. Handuras' tax liability/refund for the year ended 28 February 2009 (13) b) Mr Kavil received a dividend amount of N$36,000 on fully paid up shares in a building society. Mr Kavil paid interest of N$6,000 on loan made to buy up the shares. Calculate Mr. Kavii's taxable income? (7) c) Nam Tailors (Pty) Ltd is a Namibia company owned by Paulus, a Namibian resident, and Pravin, an Indian resident, who each hold 50% shareholding. The company derives its Page 7 of 15 income from Namibia sources (80%) and Indian sources (20%). A dividend of N$ 200,000 is declared. Calculate the NRST payable? (5) FRA 1 Question 2 20 Marks - 36 minutes a) Mr. Handura works as a salesman at Himee Motor spares and earns a fixed salary of N$6,500 per month and sales commission if he sells more than N$30,000 worth of parts. Mr. Shikongo was paid N$32,500 in commission for the year. Mr. Handura paid PAYE amounting to N$10,140 for the year and he made two provisional payments: 31 August 2008 = N$ 1,500 28 February 2009 = N$ 1,200 Calculate Mr. Handuras' tax liability/refund for the year ended 28 February 2009 (13) b) Mr Kavil received a dividend amount of N$36,000 on fully paid up shares in a building society. Mr Kavil paid interest of N$6,000 on loan made to buy up the shares. Calculate Mr. Kavii's taxable income? (7) c) Nam Tailors (Pty) Ltd is a Namibia company owned by Paulus, a Namibian resident, and Pravin, an Indian resident, who each hold 50% shareholding. The company derives its Page 7 of 15 income from Namibia sources (80%) and Indian sources (20%). A dividend of N$ 200,000 is declared. Calculate the NRST payable? (5) FRA 1