Using Majid Al Futtaim's financial data for the fiscal year 2023:

• Gross Income: AED 1,500,000
• Operating Expenses: AED 600,000
• Depreciation Expense: AED 200,000
• Interest Expense: AED 80,000
• Tax Rate: 16%

Calculate Majid Al Futtaim's taxable income and the taxes due.