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CODeL DISTANCE MODEASSIGNMENT LETTERDiploma in Accounting and Auditing Academic Year 2021Semester 2(ATA2412) Introduction to Taxation (ONLINE)Dear student,Kindly stick to the DUEDATE and check the CALENDAR to be uploaded on Moodle system.Good luck!2021 Distance Mode AssignmentsDear Student,Welcome to the University of Namibia and to the Centre for Open, Distance and e-Learning (CODeL) in particular. We are confident that your studies and hard work will be rewarded with success. We kindly advise that you obtain all the relevant information and booklets available for distance students from your nearest UNAM Centre (including the 2020 CODeL Student Information Letter, Online Assignment Submission Guide and other documents). These documents will provide guidance on how to approach your studies and will guide you through your study materials as well as providing useful administrative information in submitting assignments.1. Study materialsYour study guide is essentially your “teacher/lecturer”. However, in addition, you are required to visit the library to consult prescribed books and recommended readings that are indicated in the study guide as well as browse the Internet in general. You are also responsible to purchase any prescribed textbooks required for your respective courses/modules. Furthermore, you are strongly advised to follow the guidelines in the Online Assignment Submission Guide available on Moodle.2. Collaborative LearningCODeL avails all your modules through Moodle, enabling you to interact with your fellow students online through forum discussions and chats. You can use the same platform to engage with your lecturers and tutors regarding academic support. Please take advantage of Moodle to avoid isolation and strengthen your interaction with colleagues, ask for help, and share/receive resources to aid your learning process. See below how to access forum discussions on Moodle:3. Submission of assignmentsIt is very important to complete and submit a clean, clear and well-argued assignment for marking. Make sure that you have understood the questions in order to answer them correctly. It is your responsibility to make sure that every page of the completed assignment is correctly numbered before submitting your assignment. As from 2017, ALL assignments are submitted through the Moodle Learning Management System. This is an online platform where you will access all your modules and related information such as course outlines, course notes and other learning materials that your lecturer/tutor may choose to share with you. Moodle is accessible here: http://elearning.unam.edu.na. You should complete and submit all assignments on or before the given due date in the assignment letter if you wish to obtain your CA marks and qualify for examinations. CODeL always updates its assignment covers on an annual and semester basis.Please ensure that you have used the latest assignment cover. The latest assignment cover is availed on each course on Moodle.A user guide is available on how to submit your assignment in each module on the Distance Education Common Space and you can access it on the Online Support system. Pay close attention to the following key points listed at the beginning of the guide on:3.1 How you would know when you have successfully submitted your assignment: that is when the submission status shows “Submitted for grading”MAKE SURE THE SYSTEM GIVES YOU A CONFIRMATION OF SUBMISSION by the submission status shown as -Submitted for grading- when done. If that status is NOT displayed when done, IT DOES NOT COUNT AS A SUBMISSION.3.2 Errors to avoid when submitting your assignment (committing these errors may result in you failing to submit your assignments and therefore potentially failing your course)a. You are submitting on the correct Module/Courseb. You have selected and uploaded the correct Assignment document from your computerc. You are submitting the correct Assignment number for the respective activity (i.e. Assignment 1, 2, etc.)3.3 How to check the assessment feedback when your assignment has been graded.4. Due DatesAll assignment due dates for 2020 are published on second and third pages of this assignment letter. With the shift from manual to online assignment submission since 2017, due dates are automated and non-negotiable. This means that you would be required to submit your assignments ON or BEFORE the due date set on your assignment (before 11h55 PM). After the date has passed (i.e. 12h00AM of the next day) the assignment submission will be disabled, and you would no longer be able to submit your assignment. Please note that assignment submissions will be open long before the due dates.Please note that your assignment due dates are on page 2 of this Tutorial Letter. Use this assignment due dates to set up your calendar tool on your mobile phone or computer to set reminders for yourself and manage your time. Another way to keep pace with due dates, is by regularly visiting your Timeline of each of your courses on Moodle on the Course Overview. Also download the Moodle mobile app to access Moodle on your mobile phone or tablet and have access to notifications about due dates at your fingertips from Google Play Store for Android or Apple App Store for IOS.5. Submission of AssignmentsDue to challenges with Internet connectivity and speed, large files may take too long to upload, which is a big risk if you wait until the last minute to submit your assignments. You are therefore strongly advised NOT to wait until the final hours of the due dates to submit your assignments to avoid disappointments. You are also advised to ensure that you are in an area with good Internet connectivity when submitting your assignments. Timely submission of all assignments on or before the given due date is crucial for the timely grading and processing of your CA marks and determining admission to exams.Take note that assignments should never be submitted directly by email or hard copy to individual tutors or any other staff members of the University of Namibia.6. Academic SupportOne every Moodle course there is an embedded Academic Support section with materials to assist you with your writing process (see Figure 3 below). Go through the videos in order to enhance your writing process and submit better quality assignments.A grace period refers to three (3) additional days added after your assignment due date. The purpose of this grace period is to provide each student with time to verify and or to make amendments to assignments already submitted. These changes may include correcting errors like submitting a file to a wrong module or on a wrong assignment; submitting a wrong file; losing internet connectivity, etc. An example would be that a student attempting to submit an assignment and they lose internet connection would still be able to try again the day after at a different place or when the connection has been restored.8. Plagiarism ControlIt has been observed that some students copy information from the Internet and paste into their assignments without acknowledging the sources of the information. This is called plagiarism. A copy of the Policy on Academic Integrity has been provided to you on every course on Moodle. Please note that plagiarism which includes copying and pasting information from the Internet would not be tolerated, shall result in your assignments declared null and void and graded as a “0”. All assignments submitted through Moodle would be checked for plagiarism using a plagiarism detection software. You are therefore strongly urged to acknowledge EVERY source that you use for your assignment by using the appropriate citations and references following the referencing style prescribed by your lecturers (APA Referencing guides are available freely online). Find one here: http://www.uofa.edu/docs/apa-documentation.pdfAny assignment found with high similarity scores or with evidence of clear attempts to cheat such as submitting an assignment that is not your own would result in a zero (0) grade.9. Vacation schoolsAttending vacation school is COMPULSORY and the vacation school timetable will be made available at your nearest UNAM centre and through the UNAM portal.10. My UNAM Portal and MoodleWe recommend that you regularly (at least twice a week) access your “My UNAM Portal” (http://my.unam.edu.na) for your registration status and information, and Moodle (https://elearning.unam.edu.na ) for your learning and assessment information.Also visit the Distance Education Common Space on Moodle where you can find all necessary information and user manuals related to your distance mode studies and also engage with other students studying on distance mode. See additional information under Section 11 below.11. Online Support (Ticketing) SystemAn online support system is provided where you can report some of the issues that you may experience regarding your studies. This system is easily accessible from the Moodle LMS system.Figure 4: Online ticketing systemYou can also make use of the Online Support (Ticketing System) for queries to be responded to by the responsible person within 48 hours. We recommend you use this system for Help Topics or issues listed on the system rather than email or telephone calls.12. Online information, Tutorials and Distance Education Common SpaceInformation and Tutorials are provided in each course on the Moodle Learning Management System which you should first familiarise yourself once you first access your courses.Indicated in Figure 4 above, the Distance Student Orientation provides video tutorials on various activities you would perform such as submitting your assignments, converting your documents into pdf format, changing your email address, how to check your results when assignments have been graded and so on.Updates and information with regard to your studies and related events would be shared in the Distance Education Common Space which you can access from any course as shown in screenshot below. All students studying on distance mode are linked this the space where you can collaborate or discuss general issues.You will also find the Student Information Letter, your Vacation School Timetable and UserGuides in the Distance Education Common Space.13. Staff Contact InformationIf you study conscientiously, your efforts will be rewarded. Should you need any assistance or clarification on the module contents, you can reach the relevant staff members at the contact details as given below:Tutor:Responsible for setting the assignment and subject content retaliated matters. Mr Marvelous Ngarizemo (Parttime) firstname.lastname@example.orgStudent Support Coordinator:Ensure students receive assignment, assignment are graded, vacation school timetable. Matati Josua 065- 2232267081 272 18 email@example.com for Look (not i)Distance Education Officer:For assignment marks, CA marks queries, and linking on Moodle Sylvia ShapumbaorAlbertinaNelumbu 064 – 502 659or0 65 – 232 4248 firstname.lastname@example.org@unam.naExamination Officer:For examination related queries,Exam marks, exam time table, Uno Katjangua(deals withACCOUNTING modules ONLY)orEster Muhepa(deals with NONAccounting modules ONLY) 061- 206 4881or061 – 206 3715 email@example.com@unam.naMoodle Queries:Moodle related queries, assist with submitting assignment and technical challenges. Mr. KooperMs. Limbo061 206 3249 061 206 firstname.lastname@example.org@unam.naMissing submitting assignment due to medical reasons:Immediately conduct the Assistant Registrar and copy in the StudentSupport Coordinator. Attach proof. Ms Anna-Marie Biwa 061 2063722 email@example.comNOTE: For additional information consult the CODeL Prospectus and UNAM General Informationand Regulations Prospectus.ASSIGNMENT 1•Question 1 10 Marks – 18 minutesAnswer the following, either ‘True’ or ‘False’, indicate your answer in your answer book.a) The definition of “Gross Income” includes receipts or accruals of a capital nature.b) A casual betting winning by a professional gambler is of a capital nature.c) Inheritance is of a capital nature.d) Income received is taxable even if it is for future services to be rendered or goods to be delivered.e) The real source for rent on immovable properties is determined by the place where the business is located.Question 2 25 Marks – 45minutesa) Name any five taxation acts in Namibia? (5)b) Ms. Beukes (a Namibian resident) received remuneration of N$85 000 and a housing benefit of N$6 000 from her employer for the year ended 28/2/2017. How much of her income is exempted? (2)c) Ms. Farrow (a Namibian resident) having worked his last 5 years of employment in Namibia, has received during the tax year an annual pension of N$ 95,000. This was from an American company situated in the Silicon Valley, for whom she had worked for 25 years in total. Indicate whether the above pension received is taxable and if so, how much? (3)d) A German company signs a deed of sale in Namibia for the delivery of German manufactured goods in Canada. Explain whether the sales income is taxable in Namibia?(2)e) Mr. Hamutenya (a Namibian resident) has a taxable income of N$350,000. Hamutenya has in total paid N$ 55,000 ‘Pay-as-You-Earn (PAYE) to the receiver of revenue in the current year of assessment. Calculate his Tax Liability? (5)f) Name and explain Adam Smith’s four canons of taxation? (8)Question 3 15 Marks 27 minutesMonica Weyulu had the following income for the year of assessment ending 28 February 2017:N$Salary 10 000Director’s Fee 2 000Interest from First National Bank 1 000Interest from Bank in the US 4 000Dividends 2 000Legacy 100 000Gift 20 000Profit on sale of house 10 000Share Premium receipt 5 000Subsidy on soil erosion 3 000Annuity from insurance company 1 000Lump sum from employer 50 000Profit from business branch in South Africa 10 000Sale of shares held as:Investment 8 000Trading Stock 6 000Required:Calculate the gross income of Monica Weyulu for the year of assessment ending at 28 February 2017.Question 4 25 MARKS – 45 minutesMr James is a sales manager at Shoe City Corporation. The following information is the income and expenditure for the year ended 2021:Income: N$Salary 100,000Director’s fee 4,000Profit from business 20,000Farming profit 15,000Profit on sale of house 100,000Profit on sale of shares held as investment 10,000Legacy received 20,000Gift from mother 10,000Prize from employer for making most sales 2,000Uniform allowance 4, 000Expenses:Pension contribution 15, 000RAF contribution 20, 000Education policy premiums 2, 000Donation to university 2, 000Medical aid premiums 4, 000Medical aid expenses 2, 000Insurance premiums 1, 000Required:Calculate the taxable income for Mr. James for the year ended 2021.Question 5 15 Marks 27 minutesa) Name five requirements of a valid tax invoice (5)b) Explain the difference between customs duty and excise duty (4)c) Indicate whether the following transactions are standard-rated, zero-rated or exempt transactions for VAT purposes: (6)i. Purchase of fuelii. Receive interest on an investmentiii. Letting of commercial property iv. University tuition feesv. Construction of a building used for residential purposevi. Supply of public transport serviceQuestion 6 10 Marks – 18 minutesDonald enterprise cc a registered company submitted the following transaction to you to determine their VAT payable for the two month period ended 31 April 2017:• Sale of goods at N$2,185,000 for cash• Sale of goods valued at N$1,207,400 on credit• Sale of gods valued at N$805,000 to international clients and exported it directly• Received payments from debtors which were already accounted for N$360,000 • Purchased goods locally at N$1,955,000 on creditRequired:Calculate the VAT to be charged on the above transactions.Appendix A:Individual tax rate tableIncome Bracket Tax calculation• N$ 0 – N$ 50,000 = NIL (No tax)• N$ 50,001 – N$ 100,000 = 18 % of amount above N$ 50,000• N$ 100,001 – N$ 300,000 = N$ 9,000 + 25% of amount above N$ 100,000• N$ 300,001 – N$ 500,000 = N$ 59,000 + 28% of amount above N$ 300,000• N$ 500,001 – N$ 800,000 = N$ 115,000 + 30% of amount above N$500,000• N$ 800,001 – N$ 1,5 mill. = N$ 205,000 + 32% of amount above N$ 800,000• Above N$ 1,5 million = N$ 429,000 + 37% of amount above N$ 1,5 mill.ASSIGNMENT 2Question 1 20 Marks 36 minutesa) Explain the difference between Direct and Indirect taxes? (4)b) Discuss the formula for calculation of taxable income? (4)c) What are transfer duties? (2)d) Name and explain the three tax rate structures? (6)e) Give two examples of transaction that will be subject to stamp duty? (4)Question 2 10 Marks – 18 minutesLocal Music Limited is a wholesaler of music equipment. The company provides inventory to various music stores across Namibia. The company is registered as a VAT vendor. You may assume that all other parties are registered VAT vendors, unless stated otherwise.The following transactions occurred during March 2017:1. Inventory was purchased from the manufacturer, Roland Limited, for N$1,725,000 on credit.2. Sold music equipment amounting to N$3,655,850. This amount includes sales of N$180,570 made to persons who are not VAT vendors.3. Received interest on a fixed deposit of N$20,000 from FNB.4. The monthly lease payment for the company’s premises amounted to N$28,750 and was paid by cheque.5. Paid a monthly salary of Mark Hidipo, the company’s general manager of N$18,000.6. A new computer system was purchased for N$51,750 in cash from Incredible Computers.7. Purchased inventory from Travis Drums, a specialist manufacturer of drums, for N$31,000 on credit. Travis Drums is not registered for VAT.Required:Calculate the VAT due/creditable to Local Music Limited for the month of March 2017. (10)Question 3 18 Marks – 32 minutesMr. Peters is a fully paid up member of a Building Society and owns 20 000 shares. He receives a dividend of 95 cents per share from the building Society and he has paid interest of N$6 000 on a loan he specifically acquired to purchase the said shares. In addition he received N$300 000 from a provident fund on retirement.Required:a) Are building society dividends exempt from tax? Explain how it is taxed. (3)b) Calculate the value of the dividend to be paid to Mr. Peters from the Building Society. (2)c) What is Mr. Peter’s income tax payable for the year of assessment in which the above transaction took place? (13)Question 4 17 Marks – 31 minutesOkahandja Constructions CC is registered company that provides N$2 500 housing benefits to each of its three employees in terms of an approved housing scheme. The employees remuneration for the year ended 28/02/2017 is as follows:John (Builder) N$14 500Michelle (Builder) N$29 000Beukes (Office Administrator) N$175 000In addition, the employees are provided with a yearly uniform based on their job description. Builders are provided with overalls and safety boots (valued at N$700) to wear as part of their employment condition and administrators are given an allowance of N$500 to buy suitable office wear.Required:Calculate the Taxable Income for the following employees:a) Michelle (10)b) Beukes (7)Question 5 35 Marks – 63 minutesXerox Printing (Pty) Ltd (‘Xerox’) is a local manufacturer and supplier of printers and faxes. Its year-end is 31 December 2016. Xerox has started its operations in January 2010 and has since inception grown considerably.During the current year, Xerox has made sales of N$13,800,000 and total purchases of N$9,800,000. The closing stock amounted to N$350,000 and the opening stock only N$100,000. Running operating expenditure in the production of trade was N$3,080,000 of which N$2,000,000 related to salaries for the manufacturing team as well as support staff and management of the company.Xerox has leased two properties, one which is used for its manufacturing activities in Okahandja and the other for its head office in Windhoek. During the current year of assessment Xerox has built its own offices in the central business district of Windhoek. The date of completion of the building was 31 July 2016 costing Xerox N$3,300,000. Xerox was only able to move into the building on 01 September 2016. The monthly lease rental of its prior head office was N$16,500. Assume that the prior rental contract ended 31 August 2016.The manufacturing building was leased as from 01 June 2010. The lease term is 20 years. As part of the lease agreement, a lease premium of N$20,000 was payable upon inception of the lease as well as monthly rentals of N$15,000. The lease contract also stipulated that the lessee needs to make improvements to the value of N$750,000. The actual improvements cost only N$550,000 which was completed 02 January 2012.As the manufacturing site is outside of Windhoek, Xerox provides temporary housing for management who need to do periodic site visits to the manufacturing site. Thus Xerox has as from June 2010 also constructed housing for the management of the company close to the manufacturing site. The ownership of the properties all belong to Xerox and the total cost of construction to three houses was N$1,350,000 in total.During the year Xerox had created a provision for bad debts of N$120,000 (During 2016, N$80,000) based on the historic experience of defaulting debtors. Of the debtors, N$100,000 went bad in the current year of assessment.Xerox took out a ‘Key-man Policy’ on Francois van der Walt, the chief operations officer, a resident of the Netherlands on February 2011, paying a monthly premium of N$4,500.As part of their business activities, Xerox had the following asset transactions:1. Manufacturing machinery acquired in March 2012 at a cost of N$1,200,0002. Motor Vehicle no. 1 was acquired in April 2012 at a cost of N$350,000.• Motor vehicle no. 1 was sold during the current year at a selling price of N$100,000.3. Motor Vehicle no. 2 was acquired on 01 July 2015 at a cost of N$450,000.• During the current year of assessment, the motor vehicle no. 2 was taken out of use to donate it to a former employee of the company as a gift for his long-service. The market value at the date of donation was N$200,000.4. Motor Vehicle no. 3 was acquired in April 2016 at a cost of N$550,000.5. Furniture and Fittings acquired in August of 2015 at a cost of N$60,000.YOU ARE REQUIRED TO:Calculate the taxable profit of Xerox (Pty) Ltd for its year ended 31 December 2016.Appendix A:Individual tax rate tableIncome Bracket Tax calculation• N$ 0 – N$ 50,000 = NIL (No tax)• N$ 50,001 – N$ 100,000 = 18 % of amount above N$ 50,000• N$ 100,001 – N$ 300,000 = N$ 9,000 + 25% of amount above N$ 100,000• N$ 300,001 – N$ 500,000 = N$ 59,000 + 28% of amount above N$ 300,000• N$ 500,001 – N$ 800,000 = N$ 115,000 + 30% of amount above N$500,000• N$ 800,001 – N$ 1,5 mill. = N$ 205,000 + 32% of amount above N$ 800,000• Above N$ 1,5 million = N$ 429,000 + 37% of amount above N$ 1,5 mill.
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