RQ THREE The following information relates to the financial data of Joseph Pension
fund for the year ending 2012. Your duty is to determine the tax liabilities of
the company for that year.
Tshs
Retirement contribution
6,000,000
Investment income
2,000,000
8,000,000
Less:
Retirement payments
1,000,000
Management expenses
2,000,000
Depreciation allowance as per ITA 2004 1,000,000
Income before tax
4,000,000
Continuing the example of Joseph Pension fund
The information below relates to the financial data of Joseph Pension fund
for the year ending 2012. The fund has been an approved fund since 1st
January 2008, but it ceased to be approved on 31st December 2011.
From the time when it was an approved pension fund to 31st December
2011, it collected Tshs 150,000,000 and Tshs 50,000,000 as retirement
contribution from resident and non-resident payers respectively. And it
made retirement payments of Tshs 80,000,000 and Tshs 20,000,000 to
resident and non-resident individuals respectively.
Determine the tax liabilities of the company for the year ending 31st
formation nresented below