Page 3 - Trading Stock
P. 3

Where do trading stock fit into the tax calculation?








    Gross Income                                                                                                                  XXXX


           Closing stock (s22)


    Less : Exempt Income                                                                                                              (XX)


    Income                                                                                                                          XXXX


    Less : Allowable Deductions


           Opening stock (s22(2))

           Purchases (s11(a))


    Taxable Income from Business Activities                                                                                         XXXX


    Plus : Taxable Capital Gain                                                                                                       XXX


    Total Taxable Income for the year of assessment                                                                                 XXXX


    Tax payable @ 28%                                                                                                                 XXX


    Less:  Provisional tax                                                                                                            (XX)


    Tax payable/refundable for the year of assessment                                                                               XXXX
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