Question
Mr David Smith works for BSP Ltd and resides in Lae. His monthly salary is K He declared one dependent on his tax form. In addition to his salary, Mr Smith receives the following benefits:
Accommodation provided by BSP Ltd valued at K per month.
Vehicle without fuel provided by the company for business and personal use.
Medical insurance coverage provided by the employer valued at K per month.
Education allowance for his child attending a private school, amounting to K per annum paid directly to the school by the employer.
Employer's contribution of of his monthly salary to Nas fund Ltd a registered fund
Required:
a Calculate Mr David Smith's taxable income.
b Determine the salary or wages tax payable
Use: Download EFFECTIVE: January I Papua New GuineaNTERNAL REVENUE COMMISSION
COLLECTION OF SALARY OR WAGES TAX
RATES OF FORTNIGHTLY SALARY OR WAGES TAX DEDUCTIONS
