Schedule 14: Trade (excl. partnerships)

Schedule 14 captures all income and expenses derived from trade, excluding partnerships.

Income

• Opening Stock
• Construction Work in Progress (Previous year)
• Purchases
• Contract Costs
• Trading Income
  • Sales
  • Other Trading Income
  • Recoupment Income (complete schedule 19A for this figure)

Deductable Expenses

• Closing Stock
• Construction Work in Progress (Current year)
• Motor Vehicle Expenses (complete schedule 19A for this figure)
• Loss from Scrapping (complete schedule 19 for this figure)
• Other Expenses

Notes

• Please supply the following details on a separate schedule:
  • Name and address from whom received / paid to,
  • Nature (purpose) of amount received / paid and
  • Amount received / paid.
     
• Donations
  Please supply a list reflecting the name of the done, the amounts of the donation and attach the certificates issued by the educational institution or welfare organization to which the donations was made;
   
• Details are required per schedule on the items specified below:
  • Bad debts written off
    Please supply a list reflecting the name of the debtor, the date and amount of the bad debt, the reason and amount written off and the action taken to recover the amount;
     
  • Legal expenses claimed
    Please supply a list reflecting the date and nature of the legal expense, the grounds on which it is claimed as a deductible and the amount;
     
  • Losses as result of theft / fraud
    Please supply a list with the date, nature and the amount of the loss and the amount recovered under any insurance policy, in case of stock losses indicate the method of accounting for such losses;
     
  • Foreign travel expenses
    Please supply a list with the purpose and date of each foreign trip and the amount claimed. Where such a trip included private travel, the basis of allocation of the total expenses between private and business is to be fully disclosed.
     
  • Building allowances claimed and recoupments: (Sections 14(4) & 17(1)(f))
    Please supply a schedule listing the description and address of each building, the erection cost of each building, the year in which it was brought into use, the initial allowance claimed, the annual allowances claimed to date and the allowance claimed / recouped during this year of assessment – differentiating between building for business purposes and buildings for manufacturing purposes;
     
  • Other assets and recoupments: (Sections 14(4) & 17(1)(e)
    Please supply a schedule listing the assets, the assets purchases and sod, the allowances claimed in prior years and the allowances claimed / recouped in the current year. In instances where the number of assets is too numerous to reflect as detailed above, opening balances brought forward and current year movements will suffice. However, detailed registers should be available for inspection when required;
     
  • Recovery of deductions and set-offs (Sections 14(4) & 14(5)
    Submit details reflecting any deductions or set-off claimed which has been recovered during the year under review;
     
  • Leasehold improvements
    Please supply description and value of leasehold improvements and name and address of owner of the property. Also, supply a copy of the lease agreement in terms of which the improvements were done;
     
  • Fixed Property Repairs
    Please supply description and cost of repairs in respect to each property;
     
  • Entertainment expenses
    Please supply a list of people / businesses entertained: (PLEASE NOTE: private entertainment expenditure may not be claimed);
     
  • Other expenses incurred in the production of income: Please supply a list indicating the nature of the expenses and the amounts expended;
     
  • Other deductions: Please supply a list indicating the nature of the deductions and the amounts claimed;
     
  • Interest on loans and mortgage bonds: Attach a statement showing:
    • Property on which loan or mortgage was raised;
    • Names and addresses of persons to whom or institutions to which interest accrued was paid per loan or mortgage bond (NB. The amounts must not include capital repayments on the bonds or loans);
    • Section 17(1)(o) Lump Sum contributions by employer to pension / provident / benefit funds: Submit copy of the approval granted by the Commissioner of Revenue Management;

• • Vehicle Expenses: insert amount per schedule 19
     
  • Recoupments
    An allowance claimed in respect of any asset under section 17(1)(e) in prior years in wholly or partly recouped if such asset is sold, or removed from the trade(s) in respect of which the allowance was claimed, or removed from Namibia during the year of assessment under review. Calculations are to be reflected in a separate schedule;
     
  • Study Policies
    Premiums paid, amounts received and proceeds applied – Refer Notes 16 & 19;
     
• Enter the difference between the total of the expenses column and the income column in the previous line, on this line in the:
  • Expenses column, if the total of expense column is larger than the total of the income column, or
  • Income column, if the total of the income column is larger than the total of the expense column.
     
• Provide a list of adjustments made to arrive at this figure (include amounts contributed to retirement funds and premiums paid in respect of study policies – supported by certificates from the institutions).
   
• The amount to exclude any VAT levied.
   
• Submit detailed calculations and bases of calculations.