This video provides a comprehensive revision session on income tax computation for companies, covering the standard format for tax computations including profit before tax, add backs (non-allowable expenses), less allowables (allowable incomes and expenses), chargeable income calculation, capital allowances (wear and tear and industrial building deduction), rental tax principles for individuals, partnerships, and companies, and penalty provisions for non-compliance with tax laws. The instructor emphasizes understanding underlying principles rather than memorizing specific questions, and demonstrates how to systematically analyze financial statements to identify items requiring tax adjustments.
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TAXATION AND ADVANCED TAXATION REVISION SESSIONAdded:
But if you're not then you should have add something to it.
Okay. So we are now going to do a number. The purpose of doing this number is to see the principles that we have gone through and see them in action. Now the number that we are going to do is not the number that is going to come but it is a reflection of what is going to to come. So whatever we actually do as a procedure once you see a number on income tax for a company just do that and then when you follow that procedure the marks that you get through the procedure Victoria Victoria Victoria please mute your microphone I have shared the practice questions on the group in case you're not on the WhatsApp group I I you need to ask a friend to forward it to you. Those of you have the questions, please forward them to your friends because I am I am going to be using the white screen meaning I will not be projecting my question but for purposes of reading through the question together I am going to project it. We just run through together and then when once I start doing it I will just have to come back to the white screen. Okay.
So let's uh look at that question. So I intended in this practice questions there are three questions. One on an individual, one on a company and one on a partner partnership because I am convinced and surely convinced that your number one is going to come from here but it's not the questions.
I want to be clear because there are students who will go and they won't cl the question and they think it is the one that is going to come but you can also be shocked but don't cram that question please don't cram the question it is not the question that is going to come you cram it at your own risk but crumb the principles in that question okay so every time you see a question always run to required so that you know what you're dealing with.
So, we are running to the required.
We are running to the required.
I need someone to give me my mouse.
Thank you.
Okay. So, sorry.
So, we have this question and we go directed to the to the required.
Usually your question one is always wrong long.
So the required is saying advise the management of good limited on the chargeable income and tax payable for the year ended 30th June 2024 and those are 15 marks.
B, the capital allowance is due to the company for their ended 30th June 2024.
I want to give you the comfort that even if B was not asked, you will still do it.
See, the rental tax due for there ended 30th June 2024. I would still tell you that even if they did not ask C, but you have rental income in the tax in the in the in the number, you'll still do part C. And then D is saying the consequences of non-compliance with accounting principles and income tax laws and regulations eight marks and the role of the tax agent in accordance with the tax procedures code act. And then finally how a tax agent is required to conduct him or herself in order to minimize the risk.
And that would be to paper 17 it will be 50 marks to paper 11 it will be 40 marks.
You have potentially the same question same adjustments.
Now let's look at the question and see what we we looked out for and whether they have given it to us. So they say that Limited is a company incorporated in Uganda. When they say it is incorporated in Uganda, it means is a resident company and deals in import and distribution of various consumer products throughout Uganda. The company has been trading since 2011 with its head office located in Campara and regional offices in Guru and Port Porto.
Ladies and gentlemen, when it comes to the wear and tear schedule, would you think about class two?
Would you think about class two?
>> No.
>> Because they have told you the the business that this ent is doing and that is the instance of that first paragraph.
Understand what the business is doing and that will tell you what you like it see in the way and clear.
Okay. The company owns warehouses at the head office and regional offices where imported goods are stored before being transported to various representative distributors.
The company also rents out part of the ware houses from which the company earns rental income supplement the income from trades. So automatically you know you're going to have rental income and because you'll have rental income also means you're likely to have expenses related to rental already those are more than two marks because we said rental income alone you have to go and remove rental income add back the expenses but go and calculate rental tax.
So you have multiple question you have multiple marks on one item. Now, we said they going to give you a statement of profit or loss and other comprehensive income for the year end 30th June 2024 as follows. And like I said, they give you the items, they give you the notes, and they give you the amounts. As a matter of fact, where you see a note, the examiner is telling you there is something that must go to the tax computation.
Where you see a note here, it means there is something that you must take to the tax computation.
So be careful. Don't just read the note and just walk away and say I have not understood this note. At least guess and say this one I don't know but I will I will just add it back if it's an expense.
Okay. So I told you that on the face of the statement of prophet loss they give you the summary and you can't know the details until you go to the notes. The other thing is do not think that only items that have not are the ones that require adjustment.
Sometimes they can actually put items on the face that require adjustment but they do not put a note because they think they are obvious. They have put it on the face but most of the time they put the notes. Now when you go to the notes they tell you each note and now when you look at the note on revenue and the note on other incomes you're looking for those incomes that we actually listed and that is the game we are going to play.
You're not looking at all incomes. No, you're looking for specific incomes that you want to take to the tax computation because there are incomes you won't touch.
When it comes to expenses, start with cost of sales. Start go to distribution and selling costs start. Now the reason why I was talking about a not in a note.
This is not number four. But within not number four there.
Now if they told you advertising cost, we know advertising cost are normal business expenses. But why is there a not in a note?
when they tell me freight and transport because no more business but why is there a not in even if I didn't know what to do my guess at least I would have to twist that in the tax computation cuz there is a reason why they have given me a not in a note and if you know what to do then better then we proceed there is uh proceed proceed administrative expenses proceed down other expenses, finance costs. Now there is also a part of information relating to assets. I talked about that and I talked about where you see the information relating to the where and their schedule. You must remember what what to do when you see information relating to buildings. You know they want you to get IB IBD.
Now the other information you must be aware of is information to do with tax credits.
Information to do with and this information is is free marks because they give you statement and you only have to take the statements where it belongs.
The credits we say there are only three types of credits.
the withholding tax credit, the provisional tax credits and if there is any foreign tax credit. But all these credits come after you have computed the tax liability because they are advanc tax that you have already paid.
Provision of tax paid withholding tax whether it is at deportation whether it is on local local or domestic anything to do with withholding tax at the point of tax liability that's when you remove the withholding tax credit that's when you remove the provision tax that's when you remove any foreign tax credit then there is also an information about car for loss we know that after getting tangible income the next line is less car losses.
Now the reason why I'm pointing out this statement is you only have to read the statement and place it where it is supposed to be pressed. You're not going to calculate anything. So you only need to know the place where you place it.
Okay. Now when you discover that the examiner is looking for the chargeable income and tax payable, the standard format must be in your head.
As you close your eyes, you must see the format flowing. If it has not got into your head, we are going to draw it together.
So this is the procedure.
When you discover that you're looking for chargeable income and tax payable, you first write the heading. So we going to write the heading together. I'm going to get out here and get to the to the white board now.
Excuse me. Microphones.
>> Let's unmute our microphones.
What has happened to the network now?
Second guys, my network has jam.
Okay, let me reconnect here.
Okay. So the question is saying advise management of susim limited on so I will say computation computation of hey you can't see my screen let me share my screen Yeah.
the computation of to see good day limited chargeable.
Income and tax payable for the year ended 30th June.
24.
Now this is not going to be in the exam.
You must scram it. The mas must be in your in your head. So you must know are the figures in thousands. Let's see how they carry the figures. Be consistent with the examiner. He carries his figures in thousands. So we also going to have our format in thousands. So you have details and you have two columns UGX in thousands and UGX I am coming unfortunately I have to come to keep changing the screens. Okay. Now, we set the format before we write anything else. And don't spare the paper because you're not the one who buys the paper.
You pay the the exam fee. Not also.
Utilize the exam fee. How do you utilize it? You set your format and you start with the profit or loss.
>> Profit or loss before tax.
that profit or loss at least you have an opportunity to first earn the first mark and then cool down and know I am not going to get a zero so you first go and pick the profit or loss before tax if it is a profit bring it as positive it is a loss bring it as negative and put it in the last column so can everyone pick that profit or loss then you call a bit and then your neighbors will see that you're settling in and you tell them I actually started from capital college.
So this is uh and when you find this very question you look at each other and smile.
I am not I am lying.
I am lying. You climb it on your own.
You act. Now I want you to pay attention. When you look at the face of this question I see how many prophets. I see about four prophets but I'm not looking at all those profits. I am looking at the profit or loss before tax. I am not looking for gross profit.
I am not looking for operating profit. I am looking for profit before tax. In other words, any profit before you charge the tax whether the examiner called it net profit because sometimes he calls this net profit sometimes he calls it another name but you're looking for the profit before tax. So do not get stuck simply because the language is not saying before and if it is a negative please take it as a negative. So we are going to take this positive how much is it and we take it to the last column 5 904 04 0. The next thing you do after that let me first show you my screen. You're now going to spread your working. The next thing is add back add back non allowables.
The fact that you have said add back it means you're adding back what had been subtracted. So it means you're meaning expenses that are in the P which you're saying should not have been subtracted and you want to add them back to the profit because you are trying to reconcile that profit.
Now leave the whole page.
Yes. Even in the exam, leave the whole page because you don't know how many items they are. There's no examiner who's going to punish you for leaving space. But you get stuck if you leave small space and you find you still have more items. So I leave the whole page.
And then on my next page I say less allowables.
Now this is where students make mistakes because the less allowables is a mixture of incomes and expenses. But the expenses that are coming here are not the expenses in the P.
I repeat, please do not pick an expense and bring it here under less allowables.
The cost that we are bringing here are from the tax rules and not from the expenses you have in the P.
>> So do not bring anything allowable from the P and you want to allow it again here. You'll be doing double work.
You'll be allowing it the second time.
I hope everyone's ears are open.
I keep warning students when we are marking we find the same mistake because they get blinded by the word allowables and when they in the exam you see students keep on saying allowable not allowable allowable not allowable now when it comes the next competition whatever they say allowable they bring here you'll be finished unfortunately you remind yourself after you have moved out of the exam and you're at the entrance you're like I'm finished now I'm You can never remember until you have moved out. When you move out, that's when something tells you I am finished now.
So please, please remember that under allowable we don't pick expenses from the P to bring them here.
I hope I'm clear. So we also leave another page for allowables and towards the end of that allowables because allowables usually don't take the whole page towards the end you then get what we call chargeable income.
So my chargeable income will be here.
Chargeable income.
Now to get that figure of chargeable income, you're only comparing three things or you're combining three things.
What you had as your profit before tax, add the total add the total of ads and subtract the total of allowables. That is what gives you chargeable income. So three figures the profitable loss the total of adbacks the the total of allowables the total allowables is subtracted and then you get chargeable income. Once you have chargeable income the next item that gives you a free mark is when you remove now the carry forward losses. So you say let's carry forward loss.
At that point you have what we call adjusted chargeable adjusted chargeable income.
It is from the adjusted chargeable income that you apply the tax rate to get the tax payable and if it is a company definitely the tax payable will be a 30%.
Ladies and gentlemen if the adjusted chargeable income is a negative please do not apply the tax but go ahead and remove the credits.
Let me repeat this.
If this adjusted chargeable income is a loss, is a negative, it means you have a loss and not a profit. And we don't tax losses. But we accumulate them so that we carry them forward. So how do we accumulate them? We get that negative chargeable income. We first remove also the credits to make the loss big so that we can carry a bigger loss. But we don't charge the tax. So the one of tax payable if that's adjusted chargeable income is a negative I skip tax payable.
I say tax payable but put a dash but I go ahead and less less credits.
So I less credits and the credits we said there are only three types of credits.
foreign tax credits if any withholding tax credits and this can either be on import on on imports or local and then provisional tax paid.
Now all this by the way after chargeable income because chargeable income is going to be in the last column not so chargeable income is going to be in the last column. Now everything that follows chargeable income happens in the last column don't go back in the second column. What we put in the second column are the details of adbacks and the details of allowables but the totals go to the third column. Once you get chargeable income, everything else happens in the third in the third column. So once you get the tax payable minus credits, you get the tax liability outstanding outstanding tax liability or payable.
Now all we need is come back and do our thing. Now after doing that the next thing you do is you set your workings and ladies and gentlemen in the workings you must reference your workings. If you say this is working one, it means when you take the figure the tax computation, make sure in brackets you show this is working one. So that in case the figure is wrong, at least they can come to your workings and give you some some marks.
That's the reason of referencing your workings. Okay. So we're going to start now.
This this one you have no choice.
this for that you have no you ask God that you he helps you to grab it and from today start thinking it or start looking at it and know that it can flow in your head because this format is not in the exam and it's so embarrassing when you get into the exam and the format fails to come because then you don't know where to start So again, so we call we come now they're telling us remember the not the we start with income again that you don't panic because you can know what to do but you're picking incomes and going and adding them back instead.
Eh, the light is the light. Okay.
First remove it. Then we see they can switch the one by.
Let me ask someone to come and switch.
Okay. As they come, we can first proceed.
I was saying when you start looking at incomes know that whatever you pick in incomes is going to go under less arowables. When you start looking at expenses know that whatever you pick is going to be under other under add box because you risk picking the right item but putting it under the wrong heading.
I hope we are clear about that. Okay. So we look at the reven because note number one is about when I look at the face of this everything seems right until I have looked at the notes because from the from the face of it all of them are normal items I only have to go to the additional information to see whether there's anything that I have to deal with. So note number one tells me revenue and in that note there is sales of products and then there is rental income. Which item do I have a problem with rental income and where do I take it?
Let's allow guys this class is the only class where you allowed to speak in unison and if you feel the voice people have if you feel other others are speaking and you're not speaking then you've been left by it is the only class have allowed you to speak in union and that's when you have to understand whether you are on the same page with others.
So we all agree that the item we are looking for is rental income. Where do we take it?
>> Less allowable.
>> Less allowable.
>> So we come and so rental >> income in which column?
>> Second column.
>> I have I have to now imagine where my second column is. Ah I have seen.
So I press it here. How much? How much is it?
20 million.
>> Yes, you're excused.
>> Pardon?
Does the character change whether it is from heaven, whether as long as it is rental income? It is rental income.
Whether you're renting out lunch, whether you're renting out a building, whether you rental income is rental income, whether you're renting out house, whether you're renting out, but it is property, rental income is from property. And property is land and buildings and whatever is turning on land. So it doesn't matter as long as you see rental income. Don't even ask other questions whether it is a tower whether it is a is a twin tower or not twin.
>> Yeah definitely. Okay. So we proceed.
So the only thing we had was on revenue.
The only thing we had as a problem is rental.
Others we have no problem. So we don't touch where we don't have a problem.
We go to the next one.
Now can we first treat incomes before we come back to the cost because cost of sales is expenses. We said incomes are in revenue and other incomes. So let's first look at other incomes which is not number three so that we know we have treated our incomes.
>> So in note number three is operating income. So we have gain on sale of property. What do we do with that?
>> I want bigger voices than that.
people say something and you're doubting it. Please don't go ask yourself why.
>> So going on [clears throat] you promised me or property 12 620.
And guys for you to be safe the ones that we are saying less allowables please put them in the bracket in English we are wrong because we have already said less but in practice be safe please put them in the bracket so that you don't risk adding them as well when you put them in brackets you remember that you have subtracted them and when we are marking you we are not marking English we are not saying you already said yes then HH we are marking whether you actually removed them or not. If you know that you remember to remove them even when you have not put them in brackets which I don't advise please put them in the ones of let's put them in brackets.
Someone's torch they can put someone behind can switch on the lights.
The switch is just bind or that in the middle of that.
Are we any better?
But does this affect you?
When we put it on it affects it the other side.
Will you be seeing in your books but the other torch is affecting there.
Don't don't point it at the at the port.
It is making a reflection.
Just don't turn to side.
Where is the light? FC.
>> We leave it like this. Okay. It's okay.
Okay. So, we have gain before you have four eyes.
So, next one is interest and on fixed deposit accounts.
interest earned on fixed deposit account and in brackets gross. What do we do with that? We don't touch it but we take it under 15% of it as withholding >> tax and we'll take it to the other side not so >> yes >> how do you remember in guys >> when you're when you're doing the question you are allowed to write on your question paper so anything that you have to remember to put please write Yes.
>> Pardon?
>> But it was not. You're sending a different question. I already I already explained that if it was interest from treasury bills, you would have to take it because that is the only income that has suffered withholding tax as a final tax. And that's the reason why I first explained the principles first together. Okay.
Next one is realize for exchange gains.
What do we do with it?
We don't touch it.
>> Uhhuh. Next. Unrealized for exchange gains.
>> We want to make sure that all of us are on the same page.
Yes.
No, but are you sure you don't have any other withholding tax?
What if you have another withholding tax?
Okay, it's okay. So, we can actually have a working. Let's have a working.
One of the working is withholding tax. Withholding tax on interest on on fixed deposit account.
So the gross amount was how much?
100,000.
Hey, I'm not showing you my my working.
So 100,000 * 15%.
This becomes 15,000 CIO.
>> Yes. If it was net, >> if it was net, you first gross it up.
After grossing it up, then you apply 15%. Yeah.
Okay. So, we can actually have it here as part of our credits. We have our 15,000 here so that we don't forget it. If there's no other withholding tax credit, we take it to the last column.
Okay.
>> What about tax? Pardon?
What about if there's another withholding tax?
>> Then you add it there.
>> Okay.
>> What if they've not specified whether it is gross or not?
>> If it is ideally it should be gross. So if they have not specified you will assume it is gross and any accountant presenting it in the financials should be presenting it on gross. If you're presenting it on it, first of all, it is wrong technically.
Okay. So, let's come back.
We are done with the incomes, aren't we?
Cuz incomes was not number one and not number three. Is done. We now get to the next note. Note number two. Note number two. We said you must be very careful with it. Not because we said in the course of say they can add anything. So look at things that have been added in cost of sales. So number one, we know that cost of sales is opening inventory, add purchases, less closing inventory.
But that does not stop examiner from adding in other things that affect the purchases. For example, sometimes they including transport and all that in the cost of sales. It doesn't affect them.
You're looking at things that are non allowable. If the cost were included in cost of sales but still allowable, don't mind about them. It is just a presentation issue. So here we have opening inventory. We know that is okay.
We have cost of imports. Those are like purchases not so that is okay. We have clearing charges. They become part of the cost of imports. That is okay. But we have an item called withholding tax.
Ladies and gentlemen, we said whether withholding tax whether VAT is not part of the cost of goods. But this withholding tax now is going to be added back. But then we remember to allow it as a credit, not so.
>> Hey, so you're adding it back because it's not an allowable deduction, but you must remember that withholding tax is a credit.
Pardon? No. It's normal business expense. Okay. He's asking trading license. Guys, when you're importing VAT and withholding tax are not part of the cost of the purchases because all of them the VAT is claimed on a monthly basis as input tax whereas withholding tax is allowed as a withholding tax credit. So if they include them as expenses, we are disallowing them because they are not expenses.
That's why we are disallowing. So you add them back. But remember then because it is withholding tax credit, you have to allow it after you have computed the tax. So we come here and say now you see how I'm changing the GS. I am getting out of the lesser allowables. I am going to the now ad box. And one of the ad box is withholding tax.
Withholding tax on inputs.
How much is it?
>> 39 36 3 936 >> 635 >> 635.
Now after doing this remembering that it's going to be a credit we also take it and add it on the credits.
So on the withholding tax credit where we had withholding tax credits with the 15 we are also adding in the three I need to look at my question is three >> 39 >> 39 36 >> 635 >> 635 Okay, we move transportation costs normal cost uh closing inventory that is normal not so the only problem we had with the cost of sales was only withholding tax on imports. We move to the to the fourth.
>> Excuse me, sir.
>> Excuse me.
>> What about something?
>> I said if it was VAT, it would still be an unallowable deduction and it has no place in the tax computation for income tax purposes because VAT is for VAT. We claim it under the VAT return. We don't claim it in the VAT act rather in the VA rather in the income tax computation. The only VAT you claim in the in the income tax computation is the VAT on important services. Why? Because you don't claim it input tax. That's the reason why it actually becomes part of the claimable cost. Okay.
>> Thank you.
>> Distribution and >> excuse me council.
>> Yes. You forgot the unrealized foreign exchange and the realized you guys. We didn't unrealized foreign exchange >> for me. I didn't put it in my I didn't write it is unrealized unrealized foreign exchange gains. [snorts] Exchange gains is how much? 80 030.
This is what she meant. I had not written it down in my workings.
That one.
>> Yes.
>> Okay. So, we proceed.
So, we are now on distribution and selling costs. So, you realize that the cost we are saying are allowable. We don't touch them. We are only touching those that we want to add back. Okay. So the next one is advertising costs. We know that it's a normal expense but there is a reason why they have given us a note. Freight and transport cost is a normal expense but they have given us a note. Storage cost is a normal expense.
They haven't given us a note so we don't touch it. Commission paid they have given us a note. With us it's a normal expense but they have given us a note.
Donation school for the deaf. They have also given us a note. Cost of insured goods damaged in transit. We already talked about that. Bad debts written off. We talked about that. Provision for bad debts. We also talked about that.
Let's now treat them. So advertising cost not number one is saying what included in this amount is 800 million for setting up billboards on major entry points to the cities where the company has presence. The billboards will be in place for 3 years.
What are they telling you?
>> That that is the capital expenditure.
>> Capital expenditure.
>> That is the capital >> expenditure. Now because it is capital expenditure you must disallow how much?
>> 800 because it is for the Boots. After disallowing by adding it back where do you take the 800 >> in the way because every time you add back a cost of a capital expendure because we said all capital expenditure should not in P. If I find it in the P step number one I add it back. Step number two, I ask in which class does it go? I place it in the class where it should it should be because I have said it is an asset and assets qualify for capital allowance. Don't just add them back and stop there. You add them back because you're saying they are capital expenditure then because they capital expendure they for capital allowances.
So we add back.
>> Excuse me.
>> Yes sir. How about the three years they are giving us? The three years is tell you that it is a capital expenditure because capital expendure does not expire in one year.
So we add back what?
Billboards cost of billboards.
So remember guys when we go to the H now there's also trouble where they put you they give you amounts in additional information and then you forget to cut the zeros.
>> I am giving you the killer points they have given you 800 million but you know you have been removing three zeros. If you write it as 800 million you're finished. So it will be 800 thousand because the other three zeros are already cut out.
The things that kill you are not the things that kill you are not are not me.
>> And the examiner does it intentionally because these are the mistakes that students keep doing.
>> Excuse me, sir.
>> Excuse me. Uh instead of writing cost of billboards since this either came from advertising cost how about I just put advertising cost and put 800,000 instead okay >> okay >> but you are trying to insist that that is the cost of the billboards but in case you want to remember just say advertising >> now you realize that even if you are blame >> you've already seen that advertising costs are normal expenses the fact that they have given you a statement and you don't know what to do at least use pick for and like I don't know what to do but the reason they have given me a not then me take it where I I think I should take it your guess will be right yes you're excused >> um I just need to help me understand why advertising this advertising you're calling it a capital expenditure.
>> They have told you that the cost of advertising includes 800 million for setting up billboards. Billboards are fixtures and fittings.
Billboards are assets. It is not just advertising. You're not advertising on someone else's billboard. You're the one setting up the billboard and therefore it is your asset. It is no longer an advertising cost. It is the cost of fixtures and fittings called an asset called billboard. And they telling you it is going to last for 3 years.
Meaning it is a capital expenditure, not a revenue expenditure.
Do you get it?
>> We are getting it. But it was somehow confusing. I going to amotize this.
Don't allow to be confused. Why should you be confused by it?
>> Don't be allowed. Don't allow get confused by these things. These are small things.
The next one is freight and transport cost. No more expense. But why is there a note?
So the note is saying included in this amount is two is 550 million paid transporters limited a company registered for VAT but the amount is not supported by e voices.
What do we do with it? Why are we adding >> back?
Because it is not supported by eoices and the supplier is VAT. registered and the law says if your VAT registered and you supply me something and you don't give me an invoice I lose that expenditure for tax purposes.
So it is disallowed not because it was not incurred but because it is not supported by e invoice and the law has said if you incur an expense that is not supported by e invoice it is going to be disallowed. So we are disallowing how much?
So we are saying it is called what?
Freight freight and transport.
Transport costs not supported by e invoice.
How much is that?
550,000.
Next is storage cost. Do we have any problem with storage costs? No. Next one is commission paid. Commission is an expense. But why is there a note? Note number three says included in this amount included is an amount of 20 million paid to a kick caraga for a transaction of buying land for future expansion in fort. A kick caraga does not have a tax identification number. Even if they did not add the word tax identification number, I would still disallow it. Why?
Because it is for buying land.
But now I am disallowing it because it has not also and it's above 5 million.
Are you together?
So commission paid 19 20 million.
You said even if they had said there was no tin, you would still disallow it.
What is the reason?
>> Even if there was no condition of a tin, I would still disallow it because it is commission paid on purchase of land.
Land is a capital asset. Every cost that we incur when we are purchasing an asset is an incidental cost to the cost of the asset and therefore it is capitalized together.
Next one is donation school for the deaf in for Porto. Note number four. What is note number four saying? The school for the deaf has a valid income tax exemption certificate for the year issued by the commissioner. How many tests did we say we make? Three tests.
Test number one, are you an exempt organization?
There it passes. Test number two, are you among the five organizations? It also passes because it's charitable.
Test number three is what we need now.
What is test number three?
>> The 5% chargeable.
>> 5% and you can assess that after getting chargeable.
So that's why the notion is calculated last because you must first of all get the chargeable income and then test it.
If you test it and it exceeds if this 1 million exceeds the 5% then the excess is what we disallow all together. So in my computation I will come and say don donation but I will say working working too. Now the reason why I do that is that I don't want forget I will come and say working to hey sorry you have to see what I am doing. So I will say working to I will say do but I don't have the the answers now donation and once I do once I get it I will come and I have put donation in my ad box [clears throat] this I have put my donation in my adation working number two I for now I don't have to put there because I haven't tested it if I come and test it and find I have nothing to add back, I put zero.
[laughter] It doesn'tffect me and you're not going to get with that.
>> But if you discover the 1 million that was donated higher than 5% is what you come and you get the for >> mute microphone microphone.
Managing over 300 students online is hard. We need to get a class monitor for you.
>> The class monitor for online students.
>> Yes.
>> Okay.
>> Yes.
It is still okay because the disabled the disabled people only comes at the end after you have calcated the tax payable. That's when you calculated the 2% of the tax payable. Yes.
>> You can't add it back. Are you going to to to >> Uh-huh.
>> You come and delete.
No, that would be wrong.
Uh-huh.
So, let's come back. Let's come back.
Let's come back. Next one is cost.
Listen to the language.
Cost of insured goods damage in transit.
What did we say? When the goods are insured, the loss you incur is not an allowable deduction >> because we cannot allow deduction and then they also they also give you insurance.
So the moment the good please mute your microphone.
The moment the loss you have incurred has been issued then it is an unallowable deduction. So we are adding it because it is insured.
So we say cost of insured goods damaged in transit.
How much is it?
26 2612 390.
Next is bad debts written off. We said bad debts written off is unallowable deduction. Don't touch it. Next one is provision for bad debts. Add it back.
Provision for bad debts.
How much?
1 9 1 9 6 0 8 96 like that. Uh-huh. So we move the next item is we are done with the distribution and selling costs.
We move, we move, move, we move.
Next one is administrative.
Excuse me.
>> You excuse it.
>> I thought for the billboards after after taking the whole cost to the nonallowables, I thought we capitalize it and then we take part of it to the allowables.
>> What did you say?
>> I vote for the billboards.
After taking the whole to the nonable again, >> but can't capital mute those guys because we are not hearing they >> but we also need to give them opportunity for those who want to unmute and ask otherwise if we mute everyone then you're not going to have an opportunity to ask so control yourselves if you're not speaking on the microphone please mute your microphone otherwise the next option will be removing you from class [laughter] we are not removing anyone unless they don't listen because we have so many students If everyone is speaking then we not be able to speak. Only speak when you are going to make a remark or you have a question otherwise mute your microphones and concentrate in class because I am actually feeling someone is not in class. If you're only in your own business please get out of class and don't disturb the class.
Okay?
That's why I don't encourage online especially when it comes to revision.
The level of concentration sometimes is distracted and yet we are in the last touches very last touches. You actually do you know you can come back for four months by making a mistake you can come back for four months this I'm saying this is what we are praying with that by making a simple mistake you can actually come for another for and pay another 200 >> that's what I'm saying the only thing that you can do for yourself now is not even to close your eyes now when I hear people online praying. I actually guys there is pain in failing when you open that computer and it gives you 47.
That's when you realize that the three marks were lost when you actually doing your those who have failed before understand what it means.
>> I have seen people cry tears properly by the way. Sometimes they even refuse to eat for a week. Yes.
When when I am the one doing the number, it looks easy. When you try doing it yourself, it becomes harder. So, concentrate.
Okay, let's proceed guys. We still have two numbers to do.
>> Yes.
>> Sorry, I was interrupted. I was asking that.
>> Interrupted by who?
>> Those that were shouting.
>> Don't make noise for us. I was saying I explained I said the billboards that we added back when we draw the wear and tear we shall take them to class three that's what you wanted to know >> where do when do we get the cost and divide by the useful life >> you only use the useful life when you're dealing with intangible assets a billboard is not an intangible asset >> okay >> okay So salaries and wages we know salaries and wages are no more expenses not so >> but there is a reason why there is a note so a note in a note not one 250 million for the salaries is paid directly to the managers of the rented warehouses what does that mean rental income related expenses >> because we said as you remove rental income you must also add back expenses related to that rental income. So if they tell you you incurred expenses on the rented properties, those expenses must also be added back because we removed the rental income. So the 250 million will be added back because it is salaries and wages for rented warehouses managers.
Rented rented warehouses managers. Rented houses managers.
250 million.
Make sure I don't leave you behind.
Make sure you don't allow to be left behind. Next one, directors enumeration has no problem. Directors are also supposed to be paid. They are normal human beings like other staff. Next is staff warfare. Yeah, that is where we normally find problems. whatever is is is is categorized as staff welfare even when I come to audit you you just be sure that I look into those items called staff welfare because that's where I find items that were meant to be in your pers but you did not put them that's why I actually find private expenses that's where I find domestic expenses that's why I find your staff parties that's why I find all that kaya so there is no way you can give me stuff and I don't open it I will ask you for the details because I know there are problems with staff welfare.
So staff welfare what is in the note indeed they are telling us in note number what note number two includes 200 million for organizing the staff end of year party where staff attended with friends and family members even if you you also attended alone it will still not be an allowable reduction.
So staff this is end of year end of year party.
How much is it? 200 million.
Next is ah this one I don't even have to explain. Why did they even give us a note?
So depreciation is for simply limited other than the rented warehouses. It doesn't matter whether there was an explanation or not. The whole depreciation is depreciation.
How much is that?
2 930 980 added back. Next one is loss on disposal of assets. What do we do?
I need more energy. I said this answers because in the exam you write your own answer.
>> Add back.
>> This is the only time you can actually hear where the voices are and then you also raise your voice.
You hear the word, you also add back.
So we have a loss on loss on disposal.
>> Los disposal of assets.
>> We add back how much? 59 59. No 569 >> 569 >> 569 543.
Okay.
I have a question about the rent that is paid to the managers.
>> Yes.
>> I thought it was a genuine expense since it is rent expense.
>> It is not rent. It is salaries paid to the rent to the to the to the managers managing the rented houses.
>> So it is a genuine expense but it is related to rental income. We are not saying it is not a genuine expense. It is a genuine expense but it is related to to rental income. And we have said in the computation of income tax you remove the rental income but also remove the expenses related to rental income. And when you're removing expenses it means you're adding them back.
>> Okay.
>> Okay. Next one is maintenance of warehouses and they have given us note number four. Note number four says 60% of this cost relates to the maintenance of the rented warehouses. What are they telling you?
You can get 60% and add it back. Why?
Because it is a rental income related expense.
Otherwise maintenance of buildings would be okay. Not so the reason why we are adding it back is because it is related to rental income. So we go to the working we say maintenance maintenance of rented warehouse [clears throat] and we still working.
number three.
So working number three, working number three is maintainance maintenance of rented hey cuz I have to first show you the screen rented warehouse.
So we warehouses we said 60% of how much >> 60% of how much 960 >> 950 >> 575 7 >> 7 >> 70 >> like that.
>> Yes.
>> So we come and bring it up here and add as 21 mute.
Ladies and gentlemen online, please allow me if someone is unmuted and they in their cavi, we remove them from class.
>> Yes.
>> Am I allowed?
>> Yes.
>> The moment you are unmuted and we hear you in your we shall remove you immediately.
So guys online if you are unmuted and you're in your cabos we shall remove you from class that is the only punishment you have just remove help me remove those who are muted and because we have won and gotten tired we want to concentrate and Yes, >> you you but you also don't want to risk.
It's okay if you even if you do it on the face but make sure that you don't miss the working because I don't trust your your final answer.
The only place that we can actually sometimes we look for where to put one mark. Someone is standing at the 49 and you're looking for where to put the mark and you can't find and the only place where you can put the mark is working.
That one mark can actually be between can be can be the difference between your and your do you realize that guys who get 50% celebrate more than the guys who get you also know anyone who opens their computer and the mark is 50% on the dot it's like they have entered heaven because you are just closer to another four months >> [laughter] >> And the worst experience is when you get between 47 and 49.
I have seen some of you cry. Please concentrate. Uhhuh.
So proceed.
We proceed. Where are we?
Next one is >> utility.
>> Staff training. We said we have no problem with staff training unless they add information about for example they were sponsoring you for a degree. That's when it becomes a problem. But staff training is normal expenditure. Next one is audit fees and expenses normal expenditure. Other consultancy fees normal expenditure. Utilities normal expenditure. But there is a reason why there is a not. So, so let's get to the so they saying 40% of this cost relates to the rented way houses. Again, we are disallowing we disallowing 40% simply because it is related to rental income.
So, we have utilities utilities on rented on rented warehouses.
We have a working for.
So we say a working for is utilities 40% of uh 40%* how much?
>> Time 298 what do we get?
1 9 4 0 1 1 >> 9 44 4 0 So take it and add it back.
1 9 1 1 9 44 4 added back.
Unfortunately, I have to keep twisting.
Okay, so are we there? We proceed.
We proceed. The next one is repairs of property. Idea repairs of property is a normal expense. But there is a reason why they have given us a note. So we go and see the note. The note is saying all the repairs relate to motor vehicle. So do we have any problem with that? No, we don't have any problem. Okay.
Next is other expenses.
In other expenses we have office expenses, normal expenses. Purchase of land in fortu is the purchase of land a normal operating expense.
>> No. Why? Because it is a capital expenditure and we said land does not compile for any capital allowance. So all you have to do is add it back. Wow.
>> So we have purchase of land in Fort Porto.
How much was it? 1.5.
Next is boundary walls on all properties owned. A boundary wall is an industrial building ladies and gentlemen. Hello. So first of all as a capital expenditure it must be added back but then we must remember to give it IBD.
But let's see what the note is saying.
The note is saying 60% of this cost relates to the rented warehouses and the remaining amount to the head office building. So what we are going to do when we calculate IBD we shall also separate IBD 60% and 40% because the 40% is the one that relates to the office building the 60% is related to rental income. So for now we disallow the whole yes >> I'm just >> the repairs to motor vehicle can't they qualify for capital expenditure?
What would qualify them for capage?
I'm >> just asking.
And maintainers of noncurrent assets is a revenue expenditure not a capital expenditure.
When you buy an asset, >> the cost of buying the assets including the incidental costs are is capital in nature. But after buying the asset, if you only maintaining and repairing that asset, those repairs and maintenance become revenue in nature. Unless the kind of repair you have done is one that increases the useful life of the asset or expands its earning capacity. That's when you capitalize that expenditure.
And the examiner will tell you if that repair is to be capitalized.
But if it just says repairs then it remains a revenue expenditure. So how much is the property rather the boundary wall 2.8. Please remind me when we are calculating IB did separate these two.
Next one is legal expenses business related. Do you have any problem with that? No we proceed.
Not number seven.
Finance costs interest on loan facilitate imports. Do you have a problem with that? No.
Interest on mortgage. Let's see what the note is saying. Do you know what a mortgage is?
Who doesn't know a mortgage?
Who knows the mortgage?
Do we have bankers here? Please tell them people what the mortgage is.
In other words, we cannot talk about a mortgage without a property.
We cannot talk about a mortgage without it means that interest is a capital expension also. That's why we are disallowing it because it is on a mortgage. But they telling us in not number one 80% of the mortgage rates the construction of rented warehouses while only 20% relates to the construction of office premises. So both of them are capital in nature only that when we come we shall separate them for purposes of rental related and also and and also when we are calculating the IBD but for now we are going to disallow the whole of it because it is capital in nature.
So interest on mortgage is capital in nation.
Interest on mortgage >> is how much? Two 480.
2480.
That's where we are now. We proceed.
Uhhuh.
Next one is not here but please >> someone seems to be speaking but your volume is very low please speak >> I'm saying can we have both here but split >> can't we do what >> wants us to split them here right away >> he wants them he wants to be split what is the intention What is the benefit of splitting them?
>> So that we can easily remember >> you can split them. You can say 80% and 20% but at the end of the day all of them are going to be added back. So what have you done? You think the examiner is going to give you two marks?
>> The principle is the same. Okay. So we go to note number eight not when we see not number eight what comes into our mind where so I know that under my allowables I must wear and tear allowance. So I come to my wear and tear allowance and say I will have my wear and tear allowance and it is working number what? Working number five. So I go to my working number five working five and say where ante allows So in the way allowance we said we have details we have class one at 40% class 2 at 30% class 3 at 20% And then to guys in the exam you don't have time. I see people, you know, they have to get a ruler and then underline and then they any minute that you're losing any minute that you actually using to do something that does not earn you a mark, you're actually losing another mark.
So you must make sure that when you write your ink like this, every action is for earning you a mark because marks are aligned to the to the time So for you when you get your ruler and you want to first look at others and then line put your line and then use a black pen and then mix.
So let's first pick the first few marks.
The first three marks we say the first three marks are for do you see a string like this?
I am not saying by not having a balance it doesn't mean you don't have assets in class two but it is a precursor to remind you that there could be no assets in class two and then I go back see what is the kind of business this person is in then I discover he's not in manufacturing he's not in mining he's not in farming then I confirm that class 2 will not have any assets and then I don't bother putting any assets now my my my number becomes easier because in class one I know they are purely computers and data handling equipment then if there are no assets in class two I don't all go class three and then you say the way and is is hard to do is it hard to do but you must remember how to do it so we start with the text written down values written down values values is balance brought down opening balance class one is that much 960 a now where am I going to let me first write and then you see what I've written class 2 nothing class 3 is 3860 3860 3860 900.
So now you can give me the totals.
>> Excuse me. Council >> 48.
>> So to this point where where do we put the thousands the preced >> I have put them here.
>> Do you see where the total is? You can just put them under each class because each class has the amounts. But it is okay even if you just put them on the total.
She's asking the >> other workings because I noticed we've not been putting them there.
>> Pardon?
>> The other workings. We've not been putting the three there in the workings. Please the workings.
Don't waste time because the amounts are already in southern don't waste a lot of time. There are details that are not very important as long as you remember to carry the series rules when you're putting it in your answer. We said item number one is item number one is additions.
So in additions what do we have?
Let's see the assets now. Please never be tempted to put buildings in the way.
the billboards.
>> Please never put buildings in the way and tear >> the things that don't go to the way and tear. Buildings and land, please don't.
And intangible assets. So, buildings, land, and intangible assets don't go to the way and >> okay. So the first thing we remember so that we don't forget bill what >> billboard >> billboard how much were they?
>> 800,000 >> yes >> in class three.
[laughter] Okay, the other items you guys this question was was cheap.
Do you see the note that says there were neither purchases of assets, no construction of warehouses during the year. Generally 60% of the warehouses are rented out and only 40% are used by the company. Here they are only telling us on how we are going to do the IBD.
We'll come back for the IBD. Let this first do and here the following assets were sold. So we sold a desktop computer class what?
>> So the only the only addition was about the boundary walls. Hey, boundary wall I >> even guys walls are industrial buildings [laughter] you're not going to go to bed guys boundary walls are industrial buildings you're going to be there confused yourself and you find a boundary wall in the way are industrial buildings is >> okay. So, we only have the billboards.
>> Yes.
>> What if I don't get time to add the totals, but I get the depreciation allowance and add it and take it to the to the >> for you. If they are going to give max to then you lose the max.
I am trying to confirm if there are any other assets that we added back. I see we added the billboard.
Yes.
Again also when you look what required we are supposed to compute the capital allowances.
So if you are playing around with this schedule the table without getting that that time still you'll be missing on part C the max.
is actually telling you that part C the examiner insisted that you must calculate capital allowances.
So the capital allowance and again guys guys please don't do the workings and then when you come and you say I want now to do part C separately you would rather actually now put a heading on the workings when you know you've started the way and ID put a heading and say capital allowances but don't come back and then redo capital allowances or you redo the same question they're not going to give you marks for having done it twice.
Okay. So, let's come back. The only item that I see is billboards.
Let's now see the disposals.
So, disposals.
We have desktop desktop desktop computers.
desktop computers, we have trailers and we have office furniture.
All of them are classes to boot class one class three office class.
>> Yes.
>> So this computer how much?
[clears throat] Yes. These are disposals 198 500 and in brackets and then traders 500 and 43 875 in class three. Then the furniture 12 300 class three. So now I can show you my screen.
That is what I did.
That is what I did. That's what I did.
What about gain on sale of property?
Where would you want to put that one?
You think this chick is is it is okay again disposal is income and we have said we subtract it in the tax computation and that is Okay. So, let's uh get our net assets.
>> Excuse me, cancer.
>> You're excused.
>> Pardon on the boundary wall.
>> I said boundary wall is an industrial building and we're going to give it industrial building reduction.
You get it?
>> Yes. Thank you.
>> Okay.
Yeah. I'm actually looking for potential students who can come and start teaching.
You know what? Teach online.
I am here.
you're here come our exams rather our interviews are in class we send you class and the students assess you and then they give us feedback and say this one this one will retain just one one class is enough like this no it's fair I tell how can we we are we are recruiting someone teach and then you want us actually give you an interview in the room how the only best bedroom is in the bedroom is Yes.
>> I will come.
>> Pardon? Pardon?
Who does farming here and has machinery on their farm?
The exprows.
combine harvesters, the tractors, farming tractors, the mixers.
You can actually Google it. You have so many depending on what you're manufacturing, depending on what you finding, etc. ETC. Give me numbers. Give me numbers. Give me numbers. What is in class one total?
What is the net assets in class one?
Huh?
>> 76 72 >> 450.
>> This one I know. Don't add that one. I can add myself. Uhhuh. In class three.
>> 410 410 >> 4104 725 >> 725 >> Yeah. 725.
>> And then the total is >> 4879.
>> 48 >> 79.
>> 679.
>> 4879 like that.
So at this point we we calculate the pre depreciation allowance or wear and tea allowance.
Now you must remember the percentages because they are not going to be given to you in the exam. Yes.
>> Uh on IBD there is a number I came across on mortgage. Can you go I when we are in the way and >> no they had computed already. Okay let me for ID so where and allowance guys pay attention and follow the class ask the questions at the point where we are cuz if we ask IBD when we are calcating where and you're confusing others >> 304 Three. This is uh what is 40% of 762 >> 30 980 >> 304 >> 98 >> and then the third class 20% >> 820 >> 945 >> and the total is >> 1125 >> 1125 9 to [laughter] >> So this one is going to be taken to the tax computation in the allowable. So can we go there?
You read for me the number again.
So the way and allowance is >> 125 >> 925 >> 925 so the next item is IB before we get to that we can close this tax written down value balance car down don't give me the one of class I know.
Give me the one of first class.
>> It's 457.
>> 457 470 3283 780 32 >> 3283 And the total is 37 41 >> 35 >> 25.
Okay. So the way is the next one is working number six.
Working six is industrial building deduction.
Industrial building deduction sometimes called allowance IBA.
Ladies and gentlemen, industrial building deduction is on industrial buildings is on buildings. So do not put IBD on land. Do not put IBD on the assets we have put in the wear and tear.
Now IBD the computation the formula for IBD is A* B * C / D.
And you must know what this mean.
A is 5%.
B.
This is where B normally comes as a problem. And I want you to pay attention. I am going to remove this breakdown. In the exam, you don't have to explain to the examiner what it means. You have to subute and continue.
Put the formula and continue and calculate.
Now B, you must ask yourself what they have given you because in the exam they are able to give you two things. They either giving you the qualifying cost or they are giving you the construction cost.
or they can even confuse you and give you the purchase cost.
So you need to ask yourself what they have given you when you have been given. Now I want to use this example. Assume I am dealing this number is for the year ended year ended 30th June 2024.
When I have a building that was constructed from 1st of July 2023 to 30th of June 2024.
It means it's a new building according to my question because the year that I am dealing with is there when the building was constructed in that when the when the con when the when the building was put to use in that very year that you're dealing with you must ask yourself whether you have spent that building with 12 months whether you have used this for 12 months because The year that you're in is when it was first put to use. And you cannot say you can always say that you can you have used this for 365 days if it was put to use on the very first day of 1st July 2023 because you now asked a question of 30th June 2024.
If it was not put at the first day, it means you have to deal with the number of days.
That is one. Number two, you need to ask yourself this building they have given me, is it an old building? Was it constructed before 1st of July 2023?
Why is this date very important?
I will actually separate this 1st July 20 17 >> that is this period in between here.
From 2017 to 1 of July 2023 there was initial hours Whenever you would construct a building and you come for example a billion shillings the first allowance they would give you on that building is 20% of that building they would give it to you in the first year and then the following year they would start giving you IB IBD on the balance that has been made starting From 1st of July 2023, initial allowance was scrapped off. Now the time when there was initial allowance, assume I constructed a building at 1 billion.
And then they gave me initial allowance of 20%. It means I would have 800 million. This 800 million would be called a qualifying amount.
And this one billion would be called the construction cost.
Now IBD would be on the qualifying amount.
IBD will be on the qualifying amount because after giving initial allowance it means the cost that would qualify for IBD has been reduced the qualifying amount.
Now after 1st of July 2023, any building that is constructed and put to use after 1 of July 2023 can no longer qualify for that 20%.
Meaning IBD is based on the on the construction cost.
Now when they give you a question, always ask yourself, is this an old building or is it a new building and I will defiate is this an old building before 1st of July 2023?
Is it a building that was constructed in the era of initial allowance? That's what I'm trying to say.
If it is a building that was constructed in the era of initial hours, the examiner should give you the qualifying cost because it means that time when it was put to use, it was given initial and therefore the examiner should give you the qualifying cost. If the examiner does not give you the qualifying cost but has given you cost of construction then you must first of all remove initial allowance aside not because you want to take it to tax competition but you're looking for a qualifying cost up to that point. So if I give you an old building and I've given you the qualifying cost, you are good to go. You only apply 5% and move because an old building will not even disturb you on the days because it was there. Even in this year it has been there. The only thing is have they given you the qualifying cost?
If they did not give you the qualifying cost and you know that that building is in the initial allowance period, you must first of all remove initial allowance of 20% and whatever remains becomes qualifying cost and that's where you apply the 5%.
If it is a building that is we are calling new and new means it is been placed to use in that very area of the exam you're dealing with. It means then you have to count the number of days in case it was not put to use on the very first day of the year. Then C becomes important.
Are we together? Is there anyone who is confused? Please ask any question if you're confused or if you've not understood it before we start now doing the number.
Okay.
Let me the initial allowance.
>> I said the period of initial allowance was 2017 to 2023 January.
Any buildings that were constructed in that time 1st of July 2017 to 30th of June 2023 they qualified for initial allowance.
Now if they qualified for initial allowance it means on the construction cost they first remove initial allowance so that you get the qualifying amount.
It is on the qualifying amount that you would apply the 5%. If in the exam the examiner has not given you the qualifying amount but has given you the the cost of construction. He's saying first go and remove initial allowance and that initial allowance is just for helping you get the qualifying cost.
After getting the qualifying cost you apply 5% because IBD is 5%.
And because it's an old building you don't have to put the number of days because you don't have to aortion anything. It has been there and even this year it is 365 days. But where the the aortionment of days becomes important is when the building was put to use in this very year when you're doing the exam and then it was not put to use at the very beginning of the year of income and you know you have not used it for 365 days that's when C becomes important.
Another warning, buildings that are used for residential purposes do not qualify for IBD.
Buildings that are used for residential purposes are not do not benefit from IBD.
That is warning number one.
Yes. a building that is partly used for business and partly used for something else. You would have to calculate IBD and then afterwards aortioned it. So you only take the part that is used for business.
What else? The other thing is if you have a building and there is any addition on that building or there's a capital expenditure on that building that addition on the building becomes a separate building. So you treat it as a separate building.
Let's now see what our question is saying.
>> Excuse me, sir.
>> Excuse me, sir.
>> You're excused.
>> Thank you very much sir. Now on the seems there's another colleague who is asking maybe they can they should come first.
I wanted to ask if you're applying the initial allowance of >> okay so let's look at our let's look at what the question is saying >> there's there's someone there's a colleague who is asking but their their p their volume is very low >> I can't >> okay maybe I can submit my question now my issues is also with those capture allowances now for motor vehicle I've seen somewhere where allowing a cap a cap a capping of only 60%. I wanted to inquire on what happens with the balance the the business asset >> you're saying what >> uh on the motor vehicle I've seen where >> now come here >> no I was asking that since we on capital allowances I wanted to find out what do we do on that >> have you just come in because we discussed that the business asset and the and the asset >> oh okay maybe I to listen through the recording.
>> Please, please look at the recording because we discussed that in the morning.
>> All right.
>> Okay. Yes.
>> I'm asking the 20% initial allowance.
Does it matter the location of the building or it applies to all buildings irrespective of the location?
First of all, this initial allowance gets repealed on 1st of July 2023.
Meaning after 1 July 2023, we are no longer talking about initial allowance.
We are talking about the cost of the building and because you have not started with it on the 1st of July it means you have time to time a portion because IBD is calculated on a time aortionment. If you have not used this building for 365 days you have to deal with C and C is the number of days this building has been used during there.
Okay. Now let's let's look at this question. This question is very straight because they have given you qualifying amounts. When they give you qualifying amounts, you are really you are a celebrity because when they give you qualifying amounts and the buildings are old, all you need is supply 5% and nothing more.
the property become relevant if the building is new in that year and you know that it has not been used for 365 days but if the building was constructed long time you're only bothered with the IBD of this year which will be 5% of that qualifying amount yes >> I was you've not yet answered me >> what is the I was asking the initial allowance of 20% does it apply to buildings irrespective of the location?
>> It doesn't matter the location.
>> Okay.
>> With the buildings the location is irrelevant whether it is in camp or outside camp it was still 20%.
>> Okay.
>> Okay guys these are now the buildings they have given us. They have given us the building. The first one is the head office building and it was put to use in 2011.
Now they have given you the qualifying expenditure. All you need is 5% of that 1 million. They've given us warehouses in Campala. The same applies 3 million 5%. They've given us warehouses in Guru.
They've given us warehouses in Port Porto and all of them have been given the qualifying amount but there's a note down that says there were neither purchases of assets or construction of warehouses during the year. Generally 60% of the warehouses are rented out and only four 40% are used by the company.
Meaning they are telling you calcate IBD. After calculating IBD 60% of IBD will be for rent and then 40% is what you're going to claim for income tax purposes. Isn't that the English? So can we calculate?
So we have uh head office head office building. I don't know how I can share my screen. So we have head office building. head office building.
So we'll have our A 5% times our B. Our B is the qualifying amount which how much?
1 million times our C 365 days since they old building over 365 days. What do we get? The next one is where warehouses in Campala we have 50,000 up there.
>> So warehouses we have 5% time 3 million * 365 over 365. I'm going to share the screen shortly.
We have warehouses in Guru.
Yeah. 5%.
>> Excuse me. Can >> just a second. A second.
5% times 35 then 365 over 365 then warehouse in warehouse warehouses portal 5% times 2 million * 365 over 365.
Uhhuh. What is your question?
>> I I thought they had like there is a time they were telling us the building to qualify for IB must be 50 km away from Campala.
There is nowhere in the act. It has never appeared in any act.
>> Okay.
>> It was not on the building. It was on plant and machinery.
>> Excuse me sir.
>> So please and learn so that you can learn whatever you have crammed and it's wrong. Please forget about it today.
And if IBD please reread your section 28 of the income tax act. Yes.
>> What about that issue of the 20 years?
Are we supposed to be observant that if maybe the building has been in existence for 20 years then we don't we don't for them >> definitely because IBD is for 20 years.
Someone has actually reminded us about the boundary wall. Not so boundary wall.
How much was the boundary wall from our boundary wall was not number what?
Our boundary wall boundary wall. So boundary wall >> walls on all properties owned 2.8 8 and they were saying 60% of this cost relates to rented warehouse and the remaining head office. So 2.8 so 2.8 so 5% time 2.8 8 times.
Did they tell us when the boundaries boundary walls were constructed?
They didn't. So assume 355 days >> sir but it was four 40% relation. We are going to we are we are going to separate that all of them we are 40% and 60% for 60% for >> rental >> all warehouses so let's first get the >> excuse me c >> yes you're excused >> so should I take that 2.8 8 as the qualifying amount for the boundary walls.
>> Pardon?
>> Should I take the 2.8?
>> Yes.
>> The cost of the boundary walls as the qualifying amount.
>> Yes.
>> And also I also didn't get that part whereby we were not in case we are not given the qualifying amount. How do we >> if you're not given the qualifying amount and the building is in the period where there was initial allowance you first get 20% of the cost and remove that 20 remove that initial allowance from the cost to get the qualifying amount and then after getting the qualifying amount that's when you apply the ID that is if they have not given you the qualifying amount and the asset is in a period where there was initial hours is period.
>> There's something about interest related to a capital expenditure. You said we capitalize.
There's something interest >> you capitalize.
>> You told us it is capital in nature. I don't know. Pardon?
>> So it was related to office premise.
Aren't we adding it somewhere here? Are we doing what?
>> Like the one for interest mortgages.
They said it's relating to an office premise. I thought we are going to add that interest on mortgage.
>> The reason why you're not adding it is because they have already given you the qualifying expenditure. Meaning they have already done that for you.
>> When they give guys, >> when they give you the qualifying expenditure, please don't stamp with it because they've already given you the basis upon which you're going to catch the I ID. Okay. So let's first calculate this. The ones who have figures already, how much is the IBD on the office building?
>> Excuse me. council >> what happens when you are >> then on on on the warehouse in >> Camp 150,000 >> then the warehouse in Guru >> 5,000 17500 >> and then the warehouse in Fort Porto >> 100,000 >> and the boundary wall 140,000 >> 140,000 different amount >> uh we haven't we haven't we haven't aortioned first give me the to >> 140,000 >> now we go to the aortionment the rule is telling you there were there were neither purchases of assets nor construction of warehouses during the year generally 60% of warehouses So we are going to portion only warehouses and the boundary walls >> not the head office not because the head office is not shared with the rent if you actually if you now we are going to actually get so IBD IBD for IBD for income tax purposes income tax I had a question.
>> Just a second. Just a second.
>> So we have to get IBD for income tax purposes and IBD for rental income tax purposes.
So the first IBD for income tax purposes is the head office.
Head office. How much is this IBD?
50,000 the whole of it.
Then when it comes to the warehouse in Campala we need what percentage warehouse in Campala we need what percentage?
40% times 40%* 150.
Let me extend this figure this side.
That becomes how much?
40% of 150 is what?
60,000.
And then a warehouse in Guru.
Warehouse in Guru 40% times 1750.
How much?
70,000.
And then warehouse warehouse in in forts 40% times how much 100,000 how much is that?
40,000. And then boundary boundary wall it is 40% times times how much?
140.
How much is that?
Uh 56.
>> 56.
>> Okay. So how much would be our IBD for income tax purposesh 276 >> like that 276. So we come here and bring our IBD IBD 256.
Your neighbor is ahead of you.
Let's look for >> it's 274.
>> So IBD for rented premises. We need warehouse.
>> It's 276. You took 256 >> warehouse in Campa.
60% times 150 we have warehouse in guru the house in guru is 60% times 175 we have warehouse in fort 60% times 100 boundary wall boundary wall 60% times 140 so you can give me the numbers here the one for company is how 90,000.
>> 90,000. And this one is how much?
>> 105.
>> And this one is how much?
>> 60.
>> And this is how much?
>> 84,000.
>> And the total is how much?
>> 339.
>> 339.
339. [laughter] 339.
There's virus here. 339.
>> [laughter] >> By the more you speak out these numbers, they become engraved in your heart and then you see the now imagine this exam came back and you did not say any number out. Nothing will be coming through the head. I am telling you you cl it on your own risk this number is not going to come. What is going to come are the principles by this number that I can guarantee.
>> Uhhuh.
>> What is left? Yes.
You go and pardon >> less allowable. You correct IBD.
>> We didn't take the IBD.
>> You took a wrong figure.
>> We took a wrong figure.
>> 276. You wrote 25.
>> I wrote 25.
>> The one you >> 276.
>> Yeah, it's supposed to be 276.
>> I wrote the wrong figure.
You wrote let's confirm that I I wrote the right figure.
>> No, you wrote 256.
>> 76.
>> Yes.
>> 276.
>> Okay.
>> My question. My question. Um >> someone is asking head office is not used for rental purposes. Now they're saying it is head office.
>> How is it to use for rental purposes?
Yes.
So what happens if you're not given the construction course but you're given the mortgage acquired through mortgage one when it has been fully paid and when it has not yet been fully paid.
>> Number one you're looking for the cost of the building. So whatever whether you use the loan or not the cost of the building is what you're looking for.
So if it has not been fully paid or not, it is not your problem. The problem is what was the cost that was incurred.
It doesn't matter whether the mortgage has been paid or not together.
Let's come back. We still have so many things to do. You guys are not going to leave here until we have finished. But the good thing is that after this the others will be chop sharp because the principles I'm not going to repeat them.
Okay. Now we have uh we have the other workings that we've not done. We haven't done someone saying capital.
>> What happened?
>> So what and there and IBD are capital allowances. That's what they are looking for. Now we need to do if you want you can actually put the heading here on the capital allowances so that you know you have done capital allowances.
So here you can actually say if you want to put a heading you can say capital allowances so that you know that IBD and and where and are capital allowances. We now need to do a working on rental income not so working seven >> and even donations sir >> pardon >> and even donations >> hey we haven't done donations okay before rental before rental income tax that's let's first close our our income tax computations what are we left with in the income tax computation other than the donation >> in Um, >> anything else?
Please check and confirm.
>> Please check and confirm.
I have my other statements. Let me pick them here. My first statement is the company provision income tax and rental tax for the year ended that is June 2024 of 1.5 billion and 5 billion respectively. Huh. Now English also becomes a problem.
1.5 is for what?
1.5 is provision for what? Income tax.
And then the five is provision for what?
If you mix them, you're finished.
>> So here we are looking for the provisional tax for for income tax. And it's how much?
>> 1.5 >> 1.5.
And 1.5 billion is written as what?
That's a provisional tax. Have you seen that?
So we put it where we put it here.
Please see where I have placed it in the credits also.
So under the credits I have pressed there the 1.5 which is the provisional tax for income tax. The one for rental I am going to deal with it in rental not.
So are we together?
>> Okay.
Um did we have any other?
Let me read the question again. The company had no losses brought forward from the year ended 30th June 2023. So our loss brought forward is what? Zero.
So we know that we don't have a mark here. By putting a zero does not give you a mark.
Hey, what have you done?
You think there are marks for nothing?
Uhhuh. This is also in brackets.
Uhhuh. We don't have any for tax credits. No, I had so add for me withholding tax.
Add for me withholding tax. Eh, there were two items 15,000 and three >> 3951 3951 >> 3 951 >> 635 >> 635 Yes, you Pardon?
>> Yes.
>> But they have already given you the capitalized cost rather the qualifying expenditure. Had they given you the cost? You would then add it. But now they have given you the qualifying cost.
They have already done it for you. If they have not done If they not given you the qualifying cost, that's when you make that amendment.
Okay.
What else haven't we put there?
Please check and confirm.
>> Huh?
>> Put the interest on the mortgage.
>> We dealt with that, didn't we?
We added it back. Anything else?
Confirm. So that we add we add and first get the chargeable income because we still want to test the we still want to test the mortgage not so pardon speak loud there what ah no that's tax never touch it anything that is below the profit before tax if you pick the profit before tax anything that is below there. Don't touch it.
That's not for you. So, always look at the profit for tax and you only concentrate on the figures above above.
Anything below is not for you. Don't touch it. Have you had her question in the statement of profit or loss? Below the profit before tax, the next item is tax. And I was telling her in the profit or loss once you have picked the profit before tax anything below the profit before tax is not for you. Leave it not so because we're looking for the profit to tax. So that tax is not relevant.
Any other item that we've not considered I want to add. Please add and give me the tentative chargeable income.
Yes. Because we have to test for donations.
This thing is heating.
Just as you add these things.
Yes.
Pardon.
But it's what I have been answered in I said the interest on mortgage was added back. Remember now had we been given the cost of the assets would have been adjusting the cost of the assets to include in the interest of mortgage. But they have now given us the qualifying expenditure. The moment they give you the qualifying expenditure it is now the base of the IBD. So the interest is already embedded in the buying expenditure. Yeah.
Please give me the numbers. Give me the numbers for the donations. I think uh it was given to school that had an certificate.
Do you have to test for that again?
>> For less allowables. We have 21 million >> for what?
>> Less allowables.
>> Yes.
21 67 575 >> confirm confirm that the numbers that she's reading are also correct so that we >> we do it at once.
>> Correct.
Then for the allowables allowables with a donation added back we have 23 890 454.
>> I don't think we need to include donations since they were given to school with an exemption certificate.
>> You said the total the total nonallowables is how much?
We are going to put it on the side because we want to get the chargeable income. So we first put it on the side and make sure you get the chargeable income. Please do not put the totals because there is still a paying item called donate donations that we need to test. Yes, but we said the interest on mortgage was added back.
Why was it added back? Because it's a capital expenditure.
A mortgage is on property.
A mortgage is a property. You get a loan to buy a property. We say every time you get a loan to buy your property, that is a capital. The interest on that loan is a capital expenditure. That's why we are adding it back.
Uh-huh.
You had said that we were going to split it into 80% and 20%.
Split the what?
>> The mortgage interest.
>> Even if we are going to split it when we are looking at rental income, we will split it. Don't worry.
Because what would be 80% So please add on the side and make sure you have you have the you have the chargeable income because it is on the chargeable income where you're going to tax when we are going to test it.
Excuse me. Council, you said when we are adding, we don't first add the donation figure, right?
>> Pardon?
>> When we are adding the chargeable income, we don't first add, we exclude the donation figure first.
>> Yes. You exclude the donation figure first.
>> Okay.
that council.
Yes, [clears throat] >> the donation was given to school that had an exemption certificate.
>> Yes, it was given to school that has an exemption certificate, but we are now testing whether the amount that was given is not above 5%.
>> Okay.
The chargeable income is 7186 919.
[laughter] >> Someone is asking when did you reach there?
>> So we've been adding >> Yes, >> I've got 28 for nonallowables.
28.
>> Yes. Yes. 2879.
>> What you calculating?
>> Sorry.
>> It's 228 not 88 94 228 904 54.
>> Just a second. Just a second. We are going to do a side work.
>> I want to put my screen on.
Okay. So, we're going to do let's do a side hustle here on donations.
So, I want to expand this.
What is our profit?
Our profit before tax.
Let me let me just do a working here. A small working here. I want to add this for me. I can rub for you. Can't rub. So you must do it on the site.
>> What is the total of ad box that you so far have?
>> 22. It's 2 to8 >> 22 >> 28.
>> Please don't write this that I'm writing so far. 22 >> 228 945 54 >> 904 >> 54 >> 454 >> No. 228 904 54 >> 228 >> 904 54 >> like this.
>> Yes. Yes.
>> Please don't write this as yet cuz for me I'm going to rub it. I want to first get the chargeable income first donation then I will come and redo it. Uhhuh.
Then the total of allowable >> 21 >> 2160 >> 67 575 >> 67 >> 575 >> Uhhuh.
>> Then this is allowable. My chargeable income becomes what?
>> 71 86 >> 71 >> 86919 >> 869 >> 919 H 716 919 Okay. So this is what I'm going to use.
That's my donation. When I come to my donation, I say seven. I say chargeable income.
Chargeable income of seven.
7 >> 718 >> 6919 >> 61 6 >> 9 >> like this.
>> Yes.
>> Yes.
>> Pardon?
>> How am I This is how I'm I don't know. You're the one guy giving me the numbers.
I am I'm not doing I'm not adding I don't even have a in my head.
Okay guys, guys, guys. I am not bothered about whether the number is correct, but the principle because as long as you're following what we are doing, even if there is a mistake on one number, don't worry about that. All you have to mind is the process because you're not going to do this number again. You're going to do a different number. But how do you test the process?
Now we are saying after getting charable income tentatively you come that chargeable income you add back the donation in a P.
So we come here and add the donation. How much was the donation?
How much was the donation?
>> 1 million.
>> Yes. You excused.
>> I thought you said we use the adjusted chargeable income.
>> Yes. But there is no loss. There's no carry forward loss.
>> Yeah.
>> We should have adjusted.
>> Okay. Fine.
>> Okay. So, how much is the total here?
Eh 81 8186 Now we calculate 5% of that we can check five% of that. So 5% is what?
That will become the cup. 5% becomes what? 409 >> 409 >> 345 95 >> 3 4 6 >> So 3 46. Now this is the interpretation of this guys. Pay attention on this because we are learning how to test for the donation. We said you first get the chargeable income.
Remember we hadn't put any donation in our ad box. Not so. So you get the chargeable income. After getting the chargeable income, you go to the P. Pick the amount of the donation. Add it there. When you add it there, you're getting an amount before this person made any donation. You're getting the chargeable income. Assume this person did not make any donation. Then the next question is what is the maximum donation he should have made? 5%. So how much should he have made as a donation? 4009 assume it is correct. How much did he make? 1 million. What is the excess that he made that is not allowable? The difference the difference between the two becomes how much?
590 654 >> 590 >> 654 >> 654 >> Now this that is the excess is what we want to disallow this that is excess is what we want to disallow. So go and disallow it. 590 654 and you disallow it by adding it back where we had put our donations. 590 590 >> 652 652 or 654 >> 654.
Now the only thing that has changed in your ad box is that you have to add that amount in your ad box. So when I add it in the ad box, what do I get as my ad box?
>> 23.
>> Huh?
>> 48 23 >> 23 >> 481 >> 4821 >> No, it is 481.
234818 >> 108 >> 108 like this. Uhhuh. So can you add the the allow can you subtract the allowables and then I get my >> so get the profit add back the total of allowables subtract the rather add back the nonallowables subduct the allowables and give me my chargeable income >> 7 million >> kindly scroll a little up I want to see I >> that is okay. Thank you.
>> It's quadruple 77.
>> So the chargeable our new chargeable income becomes >> quadruple 7573 >> like that. Huh?
>> 573.
573.
Uhhuh.
The next thing is I remove car forward loss. I have nothing. So I retain the same figure and then I remove you now calculate the tax payable at 30%.
What is the tax payable?
2 3 >> 3 2 >> Yes.
>> Yeah.
>> like that. Okay. So, remove remove the withholding tax. remove the provisional tax and you have the the balance claimable. This time is not a liability but claimable or credit just call it credit tax credit.
Somebody is saying what if we had carried forward losses then you would remove them first.
>> It's 13507334.
>> I hope you have added property.
Remember you're mixing positive and negatives.
So the easiest thing is get 2.3 - 3.9 - 1.5 >> 3118 363 >> negative >> negative >> 118 363 >> 31 >> 318 8 363 >> 363.
So this is the credit that you're carrying forward. Now the only thing we have not dealt with is the rental tax.
So let's go because the other part was on rental tax. They don't give you 50 marks for for nothing by the way. Yes.
No, rather you put it in the heading.
That's why we put it up here.
>> Excuse me.
>> You're excused.
>> The total of uh the withholding tax credit when you add 150, >> it is not 150. Was indeed 15.
>> It's worth 15. Okay.
Guys, do not mind about the accuracy of the numbers. Now, mind about whether you have understood the principle because you can go back and redo it and clean up even if you wrote the wrong number. I am assuming that when you go back, you do redo that thing as long as you have the principle behind your number. The next one is let's see how to deal with rental tax.
So rental income tax.
So guys, I'm going to first lay the principles of rental tax so that I don't have to come back to it. Are all together?
Please first understand the principles of rental tax. I am not going to come back to it. Whatever we've closed here, we are not going to come back to it on Saturday and Sunday. we are going to be attacking other numbers. So for now understand whatever we cover. So for rental tax I told you you have to understand how to calculate rental tax for individuals, partnerships and companies is the easiest thing to understand.
So when I am dealing with an individual this is how I calculate my tax.
I get my gross rental income and gross rental income means the income that you collected for the year.
If you had 10 tenants and each one is giving you 1 million, multiply 1 million by 10 tenants time 12 months. That is your gross rental income. Put it there.
After getting the gross rental income, individuals don't have expenses.
Individuals are not allowed any but they are given a threshold. They are given an amount that must be removed which are not subject to tax and that is 2,800 and that does not change whether you're earning a billion or 10 billion.
As long as you're an individual, you're given an annual threshold of 2,800 and >> so from this cost amount I the threshold and like I said the threshold will never change 2,8,000 this is for the whole year. The balance that remains is called chargeable income.
And on this chargeable income tax is 12 of this amount.
Is there anyone who has not understood?
Now if they brought you rental tax of an individual and you failed it, we need to take you to the threshold is what >> the threshold let me write it again so that you don't have so that you didn't see it properly it is 2 million 820,000 Pardon?
2,820,000.
That is an annual threshold. And every individual who earns rental income, that is all you get.
Whether you incur expenses that are more than your income, that is your problem.
There is no point in expenses. Even if the examiner tested you and tricked you that there were expenses that were incurred, that is for information purposes.
But when it comes taxation of rental income in the hands of an individual, you get the gross rental income for their minus 2,8 whatever remains you apply 12%.
that is closed partnerships and I'm going to use an example here a partnership that has John and Mary when we were young we used to actually play some games called John John and Mary John and So there is a partnership that has partners as John and the the ones in my age like this one played that game and you can't deny I now have my age mates let me see those who have made 40 There are those who are lying.
>> How do you know?
>> But at least >> those who are at 40 now we are we are in the same age.
>> Millennials >> if you start calling an elder. Hey we now give wisdom. Now give wisdom.
Hey, when we when we come in you you first stand up the elder sit and then you can sit.
Someone was saying when when I when I wrote my book he said Julius now you're aging because now when you start writing books means now age is taking over and I agree we are no longer young because at 40 if you don't have experience to share with others then you have not lived properly.
The copies are here. Before you go pick your copy, go and read it and see wisdom. Okay. So, John and Mary, assuming John and Mary are in a partnership, but this partnership has now earned rental income because it is going to be earned by the partnership.
Not so. So, assume this partnership has earned rental income of 500 million in a year. And by the partnership this John and Mary were sharing profits in the ratio of 2 to three.
This is their profit sharing ratios.
But the partnership has earned rental income of how much?
500 million. Remember ladies and gentlemen, partnerships do not pay income tax.
Rental tax is a form of income tax.
So again partnerships cannot be charged rental tax they must share that income between the partners using their prof sharing.
So what happens this first step is share the rental income between the partners.
So John gets 2 out of five times 500 million and Mary gets 3 out of time 500 million.
So what is for John?
>> 200 million >> and this is 300 million. And then apply second step apply the principle of taxing individuals.
So do I have to repeat it again? So John will be gross rental income >> 200 million.
less threshold 2,820 8 and balance chargeable income is how much?
Chargeable income is how much?
>> 1971 180.
>> Pardon?
197,1 uh 180,000 >> like that.
>> Yes.
>> So then tax becomes 12%.
>> Which is how much 23h?
>> 23 661 600 >> like that.
Yeshua.
>> No, there's no two. 23 661 600 >> like this.
>> 600 shings.
>> So you do the same for >> Yes.
>> Partnership is done company.
>> Excuse me, sir.
>> Yes, you excuse.
>> You had a sentence on this calculation.
I didn't see the words very well. You said apply the I couldn't see them.
>> Apply the principles of taxing individuals after you have divided the rental income between the partners using the prof sharing ratios. Now they have become individuals. So tax them as individuals by getting the gross rental income.
Remove the threshold. Whatever happens, whatever is the balance app good company now with the company pay some little attention with the company pay some little attention. This is how we do it. And I'm going to use an example. EG earns rental income.
>> Excuse me, council.
>> Yes.
>> I I I thought for partnerships uh partnerships allowed expenses. So I thought when we a partnership generates rental income, you first remove the expenses that that partnership has incurred. Then you remain with disputable rental income to the partners.
Where are you getting that from guys? Rental tax is culturated under section five of the income tax act.
Is confused under section five of the income tax act. If you have anything confusing you, please go back and read section five of the income tax act.
Now guys, taxation is not assumed.
You must know where you're getting your because tax changes all the time.
Now there are those for example who allowing 75% as expenses.
There's a time when we are using 20% as expenses.
So you must understand the provision of the law that you are applying at a certain point. The provision of the law that we applying now is that if you are an individual we get your gross rental income. We remove 2,820 whatever remains we apply 12%.
If you're a partnership, we first divide the rental income among the partners using their prof sharing ratios and then we treat them as individuals. The only entity that qualifies for expenses is a company and also it does not qualify for all the expenses because they are also capped. Now I am going to try to tell you how they cap the expenses. Okay, let's see. So this company has incurred salaries and wages of the people working on the on the rented premises salaries of 200 million. Yes.
>> Come to me even for short call please.
>> You can go for a short call and come back. It can even be a long call.
[laughter] H we have uh utilities, we have repairs, we have security, we have interest, we have IBD, it is so let's see, guys.
20 10 5 3 10 property rates etc. Uh two how much are these expenses?
70, 80, 88, 90, 100. Do you see these expenses?
They're adding up to 100 million. I want to make them bigger.
So, I'm going to expand them.
Make this 50 also.
>> Maybe you can just lower the income, sir.
>> Make this 30.
Make this Make this 30 also.
Make this 20.
Yes.
Make this 20 also.
19 point.
So make it 20.
Okay.
So we add 50 100 130 150 and 175 175 I'm going to reduce this income to 300 >> 300 >> let's use this illustration so this is uh this is 50 so 100 130 135 5 165 uh 185 205 are the expenses and the income is 300 million. I'm using this example to bring the point home on taxation of rental income on companies.
Now as I speak all these expenses are allowable expenses not so. So the starting point is that the expenses you're testing must be allowable expenses. If there are any expenses that are not allowable, you must remove them.
For example, if there are any private expenses, you must re remove. So So we assuming that all these are expenses related to rental income. Now what is the procedure? Step number one, determine the gross rental income.
Determine the gross rental income.
Do we know the gross rental income?
300 million.
Step two, less the rental related expenses.
However, they should be they should be kept capped at 50% of the rental income.
So we allowed to remove the expenses as long as those expenses are not going to exceed 50% of the rental income. Not 50% of the expenses but 50% of the rental.
So you must first of all get on the side and say what is 50% of the rental income gross rental income 150 not so. So ladies and gentlemen, your expenses should never exceed one.
So if you're dealing with a number that has expenses that are more than 150, don't even waste time. Just go and remove only 150, which is a half of the rental income because at that point the expenses don't make sense because they exceeding the cap.
I repeat, we will give you all the expenses as long as they don't exceed 150 million rather as long as they don't exceed 50% of your gross rental income.
When they exceed your gross rental income, we ignore expenses and calculate 50% of your gross rental income.
When they above 50%, we give you expenses.
In other words, in this case, if the expenses were 120, how much would we give you? 120. But because they are 200 and five, we are giving you how much?
150.
>> Why? Because the law caps you at only maximum 50% of your gross rental income.
But you must have incurred them.
Meaning, if you don't make 150 simply because it is half, we won't give it to you. We'll give you what you incurred.
We only cap when the expenses go beyond 50%.
So here we would give you we would ignore this and give you half of the exp of the income and this would give you our 150 and after getting 150 the rental tax is 30%.
30%.
How much would that be?
45 million.
So the difference is companies and individuals. The difference first of all is in the rates. Individuals are taxed at 12 whereas companies are taxed at 30%. The other difference is individuals are not given expenses whereas companies are given expenses but capped up the maximum of 50% of the gross rental income. Given that background, we can now do the rental part.
>> Excuse me, council.
>> You're excused.
>> Council, now besides uh the issue of passing the paper, I wanted to wonder is this approach really fair? Because if these costs can genuinely be supported by the taxpayer, why is the law not being considerate about that?
You see when the law the law has never been fair.
Let no one lie to you that the law has been fair.
The law is what it is. Someone has said here. Unfortunately, I am not part of the legislature. I do not I do not make these laws. Once the laws have been made, I read the law and apply it. Of course, everyone would say they are unfair, but government also wants to pick some ducks from you.
That's the essence.
Exactly.
And in reality, those who are lands, we know that there are not so many costs on properties. Most of the cost, we push them to the tenants, don't we? And that is the reason >> they are disciplining you not to overspend.
>> They also disciplining you not to overspend.
>> Why should you have more money and there are people who are looking for for something to eat. So we keep we pick money from the rich and distribute it to income distribution. So let's come back.
How much was our rental income?
So gross rental income was Gross rental income. How much income did we subtract from the tax computation?
>> 20 million.
>> Have you forgotten? 20 million. Was it 20 million?
>> Yes. 20 million.
>> So we less deductions.
We le the expenses.
So we must first of all understand whether our expenses do not add up to 10 million.
If they don't add up to 10 million, we give him all the expenses.
If they go beyond 10 million, we only give him 10 10 million.
So can we look at our expenses? What expenses did we have? We go back and work all our expenses.
>> Warehouse managers are 250 million.
Let's come back to the things we added back.
>> Yes.
>> Let's go to the things we added back.
>> So, the first thing we added back was >> salaries and wages.
>> Salaries and wages for >> how much was it?
>> 250.
>> Guys, read for me so that I don't have to scroll up and down.
So we have salaries and wages.
You first you first add them in. You can make your columns here. You can have the column here and another column here. So that you know what test. So size and wages were 250,000.
Uhhuh. What else?
>> Maintenance.
Maintenance.
>> Yeah.
How much was it?
>> 2160.
>> I hope you're not separating them. Two >> 2 160 570 >> 57 >> 570.
>> Uhhuh. What else was there?
>> Utilities.
>> Duties.
I hope where they I hope where they were separating them you separating them.
Uhhuh. How much?
>> 119 >> 41 >> 419 one N.
>> Uhhuh. for >> whatever >> IBD 33 >> 9,000 >> like that.
>> Yes.
>> Then mortgage interest on mortgage >> 14 mortgage.
>> Interest on mortgage. How what percentage was it?
>> 60%. What percentage was >> it was 80% of how much >> of 2480,000?
>> How much does that become?
>> Huh?
>> Uhhuh. What have we missed?
Look at your question and see anything that was related to rental rental [laughter] please add add don't you think that session is enjoyable especially in practice guys by the way after your CPA practice tax you not regret is the most enjoyable place now imagine you're now doing accounts and you have to do the auto financials and afterwards they want to give you 1 million shillings.
Can you imagine your friend that you started with for them they actually already dealing with tax matters someone comes with a tax bill of 1 billion and all you need is deal with it and in 1 billion they giving you 10%.
That's 100. How many books are you going to make before you actually get 100 million?
So you choose where you want to be.
You choose where the commander is. Yes.
Pardon? I believe we have put it.
>> It's 485310.
>> Have we check please please check check anything that was related to rental property. Is it in?
Yes.
>> You have more eyes than I have. Really?
>> The only ones.
You guys, if you combine all your heads, you will even do better.
We are done. So, I get how much do you get?
>> Eight. Is that small? 48.
48 >> 53 0 10 >> 0 1 0.
>> So if they don't make 10, give him all his expenses and then the chargeable income becomes what >> 15.
>> Income becomes 15 >> 146 146 990 like that >> supply 30%.
Rental tax 30% becomes what?
Huh?
>> 44.
>> [laughter] >> four five >> like that.
>> Yes.
>> So that is it.
>> It is what it is.
>> Pardon? Hey, we have to remove the provisional tax.
>> Good. Less provisional tax. Thank you.
Thank you. less provisional tax online. How much was it? 5 billion not so.
Yeah.
>> So they also have a credit.
>> So you have a claim of how much tax credit >> 903 So you're about to get your 50 marks.
Hey, >> is it provisional tax 1.5?
>> The provisional tax was not 1.5 for rental was 5 billion.
>> That is for the company for income tax.
>> Okay, let's get let's get to the other part. What was the other part? So they asked the question was asking let's let's think ourselves we did our chargeable income and tax payable that we did we did capital allowances that we did rental tax we have now finished.
Uhhuh.
Now the next question the the other remaining two questions are theor questions. They're asking, "Do you know what 50 marks are?
Do you know this number is supposed to take half of your exam type if you're doing paper 17?" Because takes 50%.
Yes.
The theory, but it's easy to get the max is too much. Hey, I think they gave it too much too many marks because this is 8 + 3 11 + 8 19. Hey, but that's how it should be.
[laughter] Okay. So, let's look at that other part.
So, this there is a part there is a there is these other parts are coming from here.
So let's read this together and see what the examiner is asking.
So the examiner is saying to Simba Limited has appointed you as the tax agent to file returns for the year ended 30th June 2024.
You have reviewed the audited financial statements and found that there are a number of items that have not been treated in accordance with the general accepted accounting principles.
Management of Tusim Bud Limited has further explained that the aim of the accounting treatment of such items was to conceal information so that they pay less tax and they expect you to help them to do the same in the tax return in such a manner that the revenue authority does not discover the information. You're going to have this in in your normal practice where they know they have stolen the tax or they won't pay less tax and they asking you to help them. So the question then is asking the first question is the consequences of non-compliance with accounting principles and income tax laws and regulations.
Now in our penalty provisions, we have different provisions for penalties. And if I can just a second, if you look at our TPCA, do you know the TPCA?
The tax procedures go act.
Let me just open it. You have the act.
Let's look at our faces and tell you the Sorry, I'm opening a wrong act.
Some of you have never opened the acts.
God is watching you.
God is watching. God is watching you.
Oh, you want to be you watching each other. Don't worry.
Watch each other. You will ask each other questions.
Isn't it 21st?
Isn't it 21st in the afternoon?
Ah, pay no tax.
No pay no pen no pen no tax.
So section 39 is what we're looking out for.
Okay, that's VAT. I'm looking for the TPCA.
We are in the last touches. That's what you can't miss.
Okay. So, we have these lists of penalties. That's what we looking for.
Let's get there on 56 57.
You pick the ones that you will remember easily.
You pick the ones that you remember easily and there there are those students that are very good at theory.
So first of all all these first one apply. One is no the second one rather the one of 56 the one of 58 but let's run through them. The one is penalt for default punishing the screen the screen.
No, here they are not seeing it. Let me share it here.
Let me share it here. Let me share it here.
So these are provisions of pen no tax and they penalize you after doing the wrong things not so. So the first penalty is pen no tax for default in finishing a tax return if you don't file a return. This is what happens. A person who fails finish a tax return by the due date or within a further time allowed by the commissioner general under this act is liable to pay tax equal to 2% of the tax payable under the return before subtracting any credit allowed to taxpayer on his or a tax return or 10 currence points per month whichever is higher for the period the return is outstanding. Let me make it easy for you. When you face final return, we choose between the two penalties and it's what we give you whichever is the higher. Either we calcate 2% of the tax you have declared after filing the return or we charge you 200,000 per month of default. If you fall for 2 months, 200 * 2 months 400 or the 2% of the liability you have disclosed whichever is the higher assume you had you have disclosed the liability of 100 million. What is 2% of 100 million?
It is 2 million not so but you had also defaulted for only 4 months. So 4 months if we are calculating 200 200 becomes how much? 800. So we are comparing 2 million and 800 which what is going to be the penalty? 2 million because we take the higher of the 2% or 200 per month. Have we understood that?
Do you want me to repeat it? Yes.
>> So why didn't you say when you don't file the return in time and you later return you later file it because each return has a due date not so assume you have defaulted file and you have spent about 4 months without filing and later you have filed We want now to penalize you. We are saying we are going to choose between these two.
Once you have filed, we get your tax liability that you have declared. We calcate 2%. Put it on the side.
We also ask how many months did you take without filing in time? 4 months. Each month is 200,000.
So we get 200,000 times 4 months. That is 800,000.
We compare it with the 2% that we had calculated which was 2 million and then we take the higher of the two which becomes 2 million. So the penalty will be the two million. So it is either 2% of the tax payable or 200,000 per month of default.
That is penalty number one when you don't file in time.
Penalty number two is when you don't maintain proper records.
A person who deliberately fails to maintain proper records as required under tax law for the tax period is liable to pay no tax equal to double the amount of tax payable by the person for the period which the failure relates. I will use an example.
You have failed to keep proper records and we come for example and we discover a tax of 200 million.
The penalty alone is 200 * 2 that becomes 400 plus the tax payable of 200 you end up paying how much? 600 million because the penalty alone is double the tax. So if the tax was 200 million, we first charge you a penalty which is double the tax. 200 times two and then we also pick the principle. So the principle 200, the penalty 400, the total tax is 600 because the penalty is double the tax.
You think it is where [laughter] someone is saying it is what makes it unconstitutional.
Okay. Penalty number three guys. Penalty number three. Failure to provide information. We ask for information and you don't provide it. What is the benefit?
A person who upon request by the commissioner general fails provide records in respect of transfer pricing within 30 days after the request is liable to pay a penalt equivalent to 2,500 currence points. Ladies and gentlemen, each current points is 20,000. How much is that? 50 million.
So if we ask you for transfer pricing and we call it transfer pricing documentation and you don't provide that documentation within 30 days the penalty is 50 million that is to do with transfer pricing. Any other information is in subsection two.
It says a person who fails provide information other than information referred to in subsection one. The commissioner general upon request is liable to a pen tax of 1,000 current points. What is 1,000 current points?
Get 1,000 * 20,000 20,000 that is 20 20 million deal. So you don't provide transfer pricing information 50 million. You don't provide any other information 20 million.
Okay, next one is pen tax for making false or misleading.
You're not allowed to write an officer.
How some you know this you're not supposed to write me. If you write me there is a pen.
So where a person reck a person knowingly or recklessly?
A person knowing or recklessly makes a statement to an officer of the authority that is false or misleading in a material a material particular or omits from a statement made to an officer of the authority. any matter or thing without which the statement is misleading in a material particular and the tax properly payable by the person exceeds the tax that was assessed as pay based on the false or misleading statement that person is liable pay a penal tax equal to double the amount of the excess you declared the tax of 100 million I come and find 150 excess is how much 50.
What is the penalty? Double the 50. So the penalty is 100 million because the excess that I discovered was 50.
You would read other pen other pen provision. Huh. This one is very important, extremely important. This one and you might find it in your exam.
This one is very important. Very very important.
Very very please look at it.
Pen tax for understating provisional tax estimates and that one I will do an illustration for you because it is very very common and they even examine it. Number one, please listen.
A provisional taxpayer whose estimate or revised estimate of chargeable income for a year of income is less than 90% of the taxpayers's actual chargeable income assessed for that year is liable to pay no tax equal to 20% of the difference between the calculated between the tax calculated in respect of the taxpayers's estimate or has revised of chargeable income and the tax calculated in respect of 90% of the taxpayers's actual chargeable income for their of income.
A provisional taxpayer whose estimate or revised estimate don't worry I'm going to boil it down for you. A provision taxpayer whose estimate or revised estimate of gross turnover for a year of income is less than 90% of the taxpayers's actual gross turnover for that year is liable to pay no tax equal to 20% of the difference between the tax calculated in respect of the taxpayers's estimate or as revised of gross turnover and the tax calculated in respect of 90% of the taxpayers's actual gross turnover for of income. This section does not apply to taxpayer who is in the business of agriculture, plantation and horiculture farming. Guys, I want to illustrate this before we even do anything else because you're you likely to find that you are likely to get this Don't worry, I'm about to give you a break. After this illustration, I'll give you a break.
So, someone is saying a break done. You're not about to get done.
Um so penalty penalt for under provision.
Ladies and gentlemen, if you are a company and you an individual, let's differentiate these two.
You're required to fight twice as a company. You file the provisional return and you file a final return.
Please watch this.
A provisional return is filed within 6 months from the commencement of the year of income.
A final return is filed within 6 months after the end of the year of income.
Eg the year of income 1st July 2025 to 30th June 2026.
I want you to see this. So we are dealing with a year of income that started 1st of July 2025 and will end on 30th June 2026.
We need to know when you should have filed the provisional return and when you should file the final return.
Now the provisional return for a company for that year of income should have been filed by when?
By 31st December 2020. What? Has everyone see that? So the due date for filing the provisional return of that year of income is 31st December 2025.
You cannot file a provisional return beyond that date because that provisional return must be filed within 6 months.
The final return then would be filed by when?
Final return will be filed by >> 31st of December >> 2026.
Please read the English. We are dealing with English now.
We say the provision to return is filed within 6 months after the commencement of the year of income. The year of income started when 1st of July 2025.
So within 6 months 6 months expire on 31st of December 2025.
Your provisional return should have been in you now run the year. After running the year, the year ends when?
30th of June 2026.
After the year has ended, we give you another six months within which to play in.
You do your audits. You present your audited financial statements in the AGM.
They are signed off and then we wait for you to file the final return by the 31st of December 2026.
Now, when you're filing the provisional return, you're making an estimate.
You're making an estimate but you're saying and I'm going to put figures now.
Assume you say [laughter] someone is not resting. I am going to put figures. You can't miss this Sam.
So I am saying the chargeable income because I am estimating my chargeable income is likely to be 500 million and therefore my tax payable on that chargeable income at 30% will be how much 150 million am I right yes I am so you estimate that when are you estimating it? By 31st of December 2025.
The law then requires that you pay half of that.
So you make your first installment of how much?
75 million.
Then you you run your business, run the business. As you run the business, the law allows you that you can amend that provisional return because within six months you are not sure about your business.
Now the law allows you to amend your return until the very last day of the year of the year end. The last day will be 30th of June 2026 not that's when you lose the opportunity to amend your provisional return and then you come and pay the second installment by 30th of June 2026.
So all your 150 that you actually estimated you have paid it in 12 in 12 months. So we wait for you.
We wait for you to put in a final return. So you come and put in a final return by when?
A return by when?
>> 31st.
>> By 31st of December 2026.
And guess what you're telling us?
You're telling us that your chargeable income in the final return has now become 600 million because now you have the actual numbers and therefore the tax is how much?
180 million.
How much did you give us as your provision of tax?
150. How much has become the final?
180. We now start weighing whether we should penalize you or not. Penalize you.
We now test we are now going to test whether you can fight for a penalty or not. In other words, you asking, did you underestimate your provisional tax? How do we do it? The law tells us that your provisional tax should have been a minimum of 90% of your final tax.
Your provisional tax should have been a minimum of 90% of your final tax. So we started asking what is 90% of your final tax?
What is 90% of your final tax?
How much?
162 is what should have been your provisional tax minimum.
But how much did you provide for?
You compare this with the provision.
Compare this with the provision.
How much was the provision?
150. By how much did you under declare?
The difference is this is the under provision but this is not the pro the penalty yet. This is the under and the penalty is 20%.
20% of the trade which is this is how much >> 2.4 >> 2.4 >> 2.4 becomes the penalty that is all we have been reading in the literature already.
Do you have any question on the under provision?
Okay. Quickly. Yes sir.
>> You have now if you want more penalties please read the read more penalties there that >> I have a question >> please >> kindly just sir kindly just a summary on what you said that there are exceptions to this there are some entities which do not to which this penalty do not does not apply the guys who are in agriculture business of agriculture plantation and agriculture farming And the reason is very simple. These guys cannot estimate their business.
Anything can happen at any time.
>> Okay. Then also clarification on because some somewhere in when someone issues a false when there's a invoice trading I think the treatment is different.
>> Read the penalties. All the penalties there are very important for you. So go back to your penalty tax and read all those penalties so that you actually appreciate them. I am not going to go so much into that.
>> I now want to show you the answer for the tax agents and then we move cuz I want to give you a break.
>> Small question on this. What if you overprovote?
>> If you overprovide and you have paid the tax, it remains on your ledger as a credit. You can either ask for a refund or you use it to pay the tax in the future.
We don't penalize you for over providing but we penalize you for underproviding.
Okay.
Okay.
>> Excuse me.
You're excused.
>> I'm failing to understand on the date. The first I understood the first uh your network has betrayed you.
>> These three marks they were asking on the pardon.
Okay.
I'm saying of the first provision and then the last provision.
>> The first provision is within 6 months when you begin the year of income within 6 months. The second provision installment if you're making a payment must be made within 12 before the end of the 12th month. So payment must be done within the same year.
And then fighting is when you cross 6 months. Have you understood that?
>> Okay. The final part was saying what is the role of a tax agent in accordance with the tax procedures called act. The answer is right here.
Tax agents under section 7 of the TPCA.
An individual a partnership or company may apply to the committee for registration as tax agents. An application for registration as tax agent under subsection one shall be in the prescribed form and shall be accompanied by the prescribed fee. But for purposes of this act, a tax agent is a person engaged. These are your roles.
That's why they gave you three marks.
>> Not seeing the screen.
>> Number one. Pardon? You're not seeing my screen.
>> Yes.
>> Ah. Then you have to refresh. Is it a problem for everyone? I am seeing the screen.
>> Oh, we are not seeing It's her problem.
>> Are you sure you're not seeing the screen?
>> It was general.
It was general.
>> Can you see it now?
>> Yes. Yes. Now we >> so I am talking about the the role of the agent is prescribed under section 7 subsection 3. It says for purposes of this act, a tax agent is engaged in a in the preparation, certification and filing tax returns, information returns or other statements or reports required by the authority. Guys, if you get a question like this and you know of a tax agent, please remember what they do and write that that they do. Or if you have done anything to do with tax a write that that you do. We are not asking you to come with these words and press them.
They want the examiner wants you to to wants to see whether you have an understanding of what the tax agent does. B. In the preparation of requests for for rulings, petitions for reinvestigation, protests, objections, request for refunds or tax certificates, compromise settlements or abetment for of tax liabilities or both compromise statements and abetment of tax liabilities and other official papers and correspondences with the authority.
For example, here I can say responsible for filing objections on behalf of their clients. And you have a point. See, in the meetings, you engaged in the meetings and hearings on behalf of the taxpayer in all matters relating to the rights, privileges or liabilities of the taxpayer under the tax laws and regulations administered by the tax authority. Those are the broader roles.
Finally, finally, the last question was about what?
The last question was about how a tax agent is required to conduct him or herself to minimize tax risks. This is a general question.
Number one, miss whether you have it in the law so that you can refer to the law.
Screening clients.
>> Pardon?
>> Screening clients.
Screening clients. That is one thing.
You should make sure that you're honest on the affairs you actually provide for the clients. Make sure that the client sign their own documents. Don't sign the documents of the client unless you're authorized to.
Make sure you represent the client position and not your position.
Uh make sure that you do not misuse the client's tin. Some of you the client gives you their tin and then you start using it for invoice trading. You have seen it where the client has given you the and instead of using the tin for his business, you're using it for your own for your own business. So that is it. That is >> also being >> Yes.
>> being competent.
>> Being competent, you're also supposed to be competent to manage the tax affairs of the your client. What is this? How would I be wrong to use the eco codes of eco code of accountants?
>> You can even use the code of conduct for CPA and you get the answers that you need. Earning 50 marks was not easy.
But this was a number a typical number that you find in your exam. Okay, you need a break, don't you?
So you have a break for how many minutes? 30 minutes. Five.
>> Yes.
>> Excuse me, cancer.
>> Yes.
>> Excuse me, counelor.
>> Yes.
>> Uh, I'm asking about the payment. The penalty for >> penalty for payment, net payment to do the partnership and the the individual.
We've already done the provisions. We are here after 9.
>> I am the one teaching. Now how can you get tired before the one teaching eh there are not many people [laughter] guys so we are coming back here at 6 our normal classes here nor start at 6:00 to 9 so we going to start our class >> unfortunately guys you don't have time you don't have the luxury of the time >> but You can actually go home and rest and wait for the recordings.
The recordings are going to be available. But if you want to see me speaking, then you stay.
>> Excuse me.
>> Is it? No, they are cut. They are cut.
Uhhuh. They first they first they first cut it when we went for lunch.
Okay guys, we are coming back here at 6.
Those who are going to come back, if you are already tired, you can go and press and then you come back and listen to the recordings.
>> Unfortunately, we don't have a lot of time because we won't finish this guys.
This is our plan. We won't finish the income tax. Guys, listen. We are finishing the income tax today for individuals and partnerships. And then on Saturday we are going to attack the other tax heads because if we don't it means we are eating up time for the other tax heads and yet you're not only going to do income tax. But if you're tired, please go and rest and when you wake up listening to the recordings, if pardon Yes, they'll be uploaded tomorrow.
Hello council.
>> Hello.
>> Yes, >> council. You'll pardon me if you had already addressed this earlier, but I wanted to find out where does irrigation equipment go in the way and >> pardon.
>> Where does irrigation equipment go in the way and tear?
>> It goes to class two.
>> Class, >> excuse me, council.
>> Excuse me.
Yeah. I'm asking about the the penalty for late payment.
>> Yes.
>> Like is it the same as the one for late filing?
>> No, the one for late payment is 2% of the tax payable.
>> Then let filing >> late filing we said it is the higher of 2% of the tax payable and 200,000 per month.
>> Excuse me. council.
>> Yes.
>> What if my income tax like I was supposed to file was a new tax but I didn't file in the specified time. Is there >> then they charge you 200,000 per month >> 200,000 per month of default because it would be higher than the 2% because you have new tax. Guys, we are going for a break. We are coming back here at six.
They will put it when I haven't uploaded the return or they put when I've uploaded the return.
>> They put it when you have uploaded the return.
>> Okay. Thank you.
>> We are coming back here for partnership and individual.
>> If you already know the partnership and individual, please don't come back. But if you have a problem with partnership stay, I am also tired by the way. But I have you guys must pass. If you don't pass, you have a problem.
Excuse me council.
>> Yes.
>> Uh that means if somebody like for example they file late and actually they pay late they pay that the higher of 2% or >> no when you file and also pay late they will charge you two penalties. One for fighting and another one for late payment.
>> Okay.
We are coming back at 6 That's
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