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    Taxation Problem

    Uploaded by

    Ashik Uz Zaman

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Taxation Problem

    Uploaded by

    Ashik Uz Zaman
    15 views1 page

    Copyright

    © © All Rights Reserved

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    15 views1 page

    Taxation Problem

    Uploaded by

    Ashik Uz Zaman

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 1

    TAXES RELATIVE TO SAVING ACCOUNTS

    Saving accounts are exonerated from the proportional tax on income from
    securities (PTIS) to a

    limit of 10,000,000F. Savings accounts above 10,000,000F are subject to PTIS at


    15% increased by

    10% of additional council tax (that is a total of 16.5%).

    Example

    On the 1 st April 2018, the balance of Nyangono’s saving account at Afrikland First
    Bank

    amounted to 8,000,000F (credit balance). During the 1 st semester 2018,


    Afrikland First Bank realized

    the following transactions on the said account:

    Date Operations

    - 11/04/2018: Lodgment of 7,000,000

    - 19/05/2018: Withdrawal of 6,000,000

    - 22/05/2018: Deposit of 5,000,000

    - 08/06/2018: Withdrawal of 4,000,000

    - 14/06/2018: Deposit of 9,000,000

    Work Required

    1- Determine the value date of each transaction

    2- Calculate the net interest at the end of the 1 st semester (interest rate 4.5%)

    3- Journalize all the transactions up to the 30/06/2018

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