The following are the results of Trustlam Holdings (Pty) Ltd for the year ended 30 September 201 Notes

Income (P)

Sales to customers within Botswana 22,092,888 Sales to customers outside Botswana 2,480,736 Profit on sale of non-current asset 43,052 Interest received 160,110

Dividends received 267,000 Fair value adjustment 300,000 = 25,343

Expenses

Administrative expenses 3,261,279 Depreciation 793,442 Purchases 11,248,188 Salaries and wages 4,355,313 Impairment of investment 262,500

Interest paid to non-resident 694,083 Motor vehicle expenses repairs 597,842 Motor vehicle expenses fuel 417,953

Provision for loss 525,000 Rent of warehouse 1,008,684

23,164,284

Net profit for the year 2,179,502

Net profit for the year 2,179,502

Notes

1. Profit on sale of non-current assets (P)

Cost 1,009,353

Depreciation (632,970)

376,383

Fair value adjustment (119,435)

256,948

Sales price 300,000

Profit on sale of non-current asset 43,052

Capital allowances amounting to P550, 923 had been claimed on this asset as at the date of sale.

2. Withholding tax deducted from payments:

Interest paid to a non-resident (P) 51,750

Other information

1. The total capital allowances claim for the year amounted to P1,072, 209.
2. The company declared a dividend of P1, 800,000 on 10 May 2014 and paid the dividend on 23 July 2014. Trustlam Holdings (Pty) Ltd has both resident and non-resident shareholders. Required:

In respect of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015:

(a) Calculate the taxable income.

(b) (i) Calculate the withholding tax payable in respect of the dividend (note (ii));

.