Ms Stella Kinene imports motor tyres from Hong Kong. Recently sh e purchased tyres at purchase price of $35,000. Import duty on tyres is 25%; Excise duty - 50% Value Added Tax- 18% Withholding Tax - 6% Environmental Levy - 2.5% Managemen Ms Stella contracted BaYusuf Haulers' to transport the cargo fro m Mombasa to Kampala at a cost of Sh. 25,000,000 O At the time of importation the exchange rate is $ 1= Sh. 3000. Required: (a) Determine the Total Tax Payable by the importer. (18 Marks) (b) It is established that the consignment had 1000 tyres, and each tyre has a market price of Sh. 1,000,000 in Kampala. What profit or loss will Ms Stella make if all tyres are sold on arrival?
