5.

1 Computations of related incentives

5.2 Pioneer Status (PS)
Year Assessment 2014
(-)

(-)

(-)

(-)

Non-pioneer

Adjusted Income
Capital allowances
Statutory Income

315,000
(70,000)
245,000

Exemption (70%)
Taxable income (30%)

(171,500)
73,500

Current year non-pioneer loss

Exempt Income A/C

(171,500)
NIL

Interest income
Aggregate income
Current year loss
Chargeable Income

4,000
4,000
(4,000)
NIL

Year Assessment 2015

(-)

(-)

Adjusted income
Capital allowances c/f
Capital allowances current year
Statutory Income
Exemption (70%)
Taxable income (30%)
Non-pioneer loss b/f
Business income

Taxable
Income

73,500

NIL

73,500
18,375
NIL

18,375
NIL

Non-pioneer

Pioneer

Taxable
Income

250,000
(12,000)
(25,000)
213,000

420,000

Tax Liability (25% x 73,500)

Exempt Income A/C

(-)

Pioneer

NIL

(105,000)
315,000
(220,500)
94,500

213,000

(174,500)
NIL

94,500

Interest income
Aggregate income @ Chargeable
income

5,000

NIL

218,000

94,500

138,000

Tax Liability (25%)

54,500

23,625

78,125

Exempt Income A/C

Year Assessment 2016
(-)

(-)

(-)

46,000
Non-pioneer

Adjusted income
Capital allowances current year
Statutory Income

700,500
(190,000)
510,500

Exemption (70%)
Taxable income (30%)

(357,350)
153,150

Current year non-pioneer loss

Business income

153,150

Interest income
Aggregate income @ Chargeable
income

14,000

Tax Liability (25%)

Exempt Income A/C

Year Assessment 2017

(-)

(-)

(-)

Pioneer

Non-pioneer

153,150

167,150

167,150

41,787.50
357,350

41,787.50
357,350

Pioneer

Taxable
Income

Adjusted income
Capital allowances current year
Statutory Income

1,100,000
(200,000)
900,000

Exemption (70%)
Taxable income (30%)

(630,000)
270,000

Current year non-pioneer loss

Business income

270,000

Interest income
Aggregate income @ Chargeable
income

20,000

Tax Liability (25%)

Exempt Income A/C

46,000
Taxable
Income

270,000

290,000

290,000

72,500.00
630,000

72,500.00
630,000

Year Assessment 2018

(-)

(-)

(-)

Non-pioneer

Pioneer

Adjusted income
Capital allowances current year
Statutory Income

1,500,000
(350,000)
1,150,000

Exemption (70%)
Taxable income (30%)

(805,000)
345,000

Current year non-pioneer loss

Business income

Taxable
Income

345,000

345,000

Interest income
Aggregate income @ Chargeable
income

25,000
370,000

370,000

Tax Liability (25%)

Exempt Income A/C

92,500
805,000

92,500
805,000

5.3 Income Tax Allowance (ITA) Computations

*YA2014
Qualifying Capital Expenditure (QCE)
60% of QCE
Statutory Income (70%)
Income Tax Allowance Available

(-)

(+)

1,000,000
600,000
(171,500)
428,500

Year Assessment 2014

Taxable Income (30%)
Current year non-pioneer loss
Non-pioneer interest income
Pioneer interest income
Chargeable Income

73,500
(73,500)
0
4,000
nil
4,000

Tax Liability (25%)

Exempt Income A/C

1,000
171,500

*YA2015
Qualifying Capital Expenditure (QCE)
60% of QCE
Income Tax Allowance Utilized b/f
Total Income Tax Allowance
Statutory income (70%)
Income Tax Allowance Available

(+)

Year Assessment 2015

Taxable Income (30%)
Non-pioneer income

(-)

Non-pioneer loss b/f

(+)

Non-pioneer interest income

Pioneer interest income
Chargeable income

800,000
480,000
428,500
908,500
(220,500)
688,000

94,500
250,000
344,500
(276,500)
68,000
5,000
nil
73,000

Tax Liability (25%)

18,250

Exempt Income A/C

220,500

*YA2016
Total Income Tax Allowance
Statutory Income (70%)
Income Tax Allowance Available

(+)

Year Assessment 2016

Taxable Income (30%)
Non-pioneer income

(-)

Non-pioneer loss b/f

(+)

Non-pioneer interest income

Pioneer interest income
Chargeable income

688,000
(357,350)
330,650

153,150
0
153,150
0
153,150
0
14,000
167,150

Tax Liability (25%)

Exempt Income A/C

41,787.50
357,350

*YA2017
Total Income Tax Allowance
Statutory Income (70%)
Income Tax Allowance Available

330,650
(630,000)
(299,350)

(+)

Year Assessment 2017

Taxable Income (30%)
Non-pioneer income

(-)

Non-pioneer loss b/f

(+)
(+)

Non-pioneer interest income

Pioneer interest income
Income Tax Allowance
Chargeable Income
Tax Liability (25%)
Exempt Income A/C

270,000
0
270,000
0
270,000
0
20,000
299,350
589,350
147,337.50
330,650

*YA2018
Qualifying Capital Expenditure
(QCE)
60% of QCE
Income Tax Allowance b/f
Statutory income (70%)
Income Tax Allowance Available

(+)

Year Assessment 2018

Taxable Income (30%)
Non-pioneer income

(-)

Non-pioneer loss b/f

(+)
(+)

Non-pioneer interest income

Pioneer interest income
Income Tax Allowance
Chargeable Income
Tax Liability (25%)
Exempt Income A/C

280,000
168,000
330,650
(805,000)
(306,350)

345,000
0
345,000
0
345,000
0
25,000
637,000
1,007,000
251,750
498,650