The accounts of Safety Limited a private unregulated local company showed profits before interest and taxes of $150,000,000 for the year ended December 31, 2020 after recording the following below:

Other income	($25,100,000)
Subcontracting revenues	($49,000,000)
Depreciation	$20,000,000
Operating expenses	$80,000,000
Legal Fees	$10,000,000
Bad Debts	$10,000,000
Travel	$7,000,000
Donations	$8,000,000
Motor Vehicle expenses	$10,000,000
Advertising expenses	$8,000,000

During the year the entity paid statutory employment taxes of $20,000,000. Employment taxes are filed on a timely basis.

The following additional information is relevant to the company:

i. The entity has initial and annual allowances of $8,000,000 and $24,000,000 respectively.

ii. Included in legal expenses is an amounts of $4,000,000 to plead an income tax case, the company was unsuccessful. The remainder relates to fees paid to lawyers to collect amounts owed from its debtors.

iii. Bad debt represents a 10% general provision on the yearend accounts receivable balance.

iv. Travel includes airline tickets and hotel for the FCs wife, not an employee of the company, this amounted to $1,500,000. Another $2,000,000 was expensed to provide party refreshments for the CEOs birthday party.

v. Of the total donations, only $2,500,000 is on the approved list.

vi. Motor vehicle expense represents the cost of a brand new pick-up truck bought on July 1, 2020. The capital allowances on the same was not included in note i above.

vii. Advertising expenses includes a cash register costing $4,000,000 bought on January 1, 2020. The capital allowances on the same was not included in note i above.

viii. The company paid preference dividends on its redeemable preference shares. The rate on the preference share is at 10%. The preference share capital at the same date was $250,000,000; meanwhile, the ordinary share capital was 400,000,000 @$1. The rate on the preferred stock is considered a reasonable commensurate rate for tax purposes.

ix. Interest payable as at January 1, 2020 and December 31, 2020 amounted to $25,000,000 and $15,000,000 respectively.

x. The company made estimated tax payments of $8,000,000 and had tax losses carry forward of $30,000,000.

xi. During the year Erik Williams received accommodation from the company given the fact that he owns 40,000,000 ordinary shares. The monthly rental fee for the premises is $100,000 and Erik provides no services for the same. This amount represents the gross as no taxes were applied to this benefit.

xii. Eriks wife an accountant at the company receives an annually salary of $15,000,000. A reasonable market rate for the same capacity at similar company is only $4,000,000 yearly.

xiii. The company paid ordinary dividends at $0.25 per share outstanding at the balance sheet date. All dividends were paid at the year end. These amounts were recognised in operating expenses by the accountant.

xiv. Included in other income is amount of $5,100,000 received as dividends from ATC Limited a local company, tax refund of $10,000,000. The balance in other income is interest received on bank balances stated at its gross amount.

xv. Mark-up Limited reported revenues from sub-contracting work done during the period. The appropriate level was deducted at source from the entitys sub-contracting fees.

Required:

Determine the companys income tax payable for the year ended December 31, 2020.

(Ignore the restrictions on ETC cap as it relates to dividends paid).