cameroon gce advanced level principles and practice of taxation 2
- Barrister Evans practice with the Big group law firm is assess under the simplified tax regime. The following information is provided for his income subject to Personal income tax for the 2019 financial year ended:
- His gross revenue from the firm amounts to XAF 15 560 000 , and total annual expenditures amounted to XAF 4 670 000 as shown by the books of accounts.
- He owns a building at Check-point Molyko which is rented out to several tenants. His annual rental income amounts to XAF 3 600 000 . Recorded real estate annual expenses on the said building stood at XAF 420 000 .
- He owns a poultry and tomatoes farm at Muea –Buea whose total income amounts to for the year is XAF 2 320 0000 and expenses amounted to XAF 977 980.
- He owns a car rental service based at Malingo Street–Molyko. The annual income amounts to XAF 1 000 000 and total expenses amounted to XAF 600 000 .
NB: The above records have been extracted from accounting records and validated by the taxation service.