ISB550

Gross, Adjusted, Statutory

Adjusted, Gross, Statutory

Statutory, Adjusted, Gross

Gross, Statutory, Adjusted

To fund public services and national development.

To generate profit for government-owned corporations.

To control inflation and stabilize the economy.

To provide direct financial aid to all citizens.

A voluntary contribution from citizens to support public projects.

A compulsory financial charge imposed by the government.

A fee paid for specific government services received.

A donation made to charitable organizations for national development.

Active and Passive Income

Employment and Investment Income

Gross and Net Income

Taxable and Non-Taxable Income

Only your monthly salary.

Only your salary and annual bonus.

Gains or profits from an employment, covering all compensation for your work.

Only cash allowances and benefits-in-kind.

Income after all deductions and reliefs.

The total income received from all sources before any deductions.

Income after business expenses are filtered out.

The final amount subject to tax.

It must be a personal expense related to daily living.

It must be incurred wholly and exclusively in the production of gross income.

It must be a capital allowance for big-ticket items.

It must be a charitable donation.