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Toivo owns a jewellery shop in Windhoek. During September 2020 a good friend of his wanted to get engaged but could not afford an engagement
Toivo owns a jewellery shop in Windhoek. During September 2020 a good friend of his wanted to get engaged but could not afford an engagement ring. Toivo agreed to accept three oxen in exchange for the ring. The ring had a market value of N$7 500 and the three oxen together had a market value of N$ 10 000 Required: Advise Toivo whether he would be taxed on his receipts and why
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