FIM FIM CALCULATION OF TAXABLE INCOME Net income per income statement adjusted for depreciation, transfers to reserves, write-downs allowed for tax purposes and direct taxes 161,643 Direct taxes per income statement 148,507 Expenses not deductible for tax purposes 50% of entertainment expenses 2,500 Non-deductible donations 2,900 Items deducted in previous years 500 Items deductible in future years 1,530 7,430 Under-accrued income - 317,580 NON-TAXABLE REVENUE INCLUDED IN INCOME Foreign dividends received ( 7,300) Items taxed in previous years ( 631) ( 7,931) Prior year's financial depreciation, deductible for tax purposes ( 3,749) Losses brought forward from previous year - Taxable income for national income tax 305,900 CALCULATION OF TAX National corporate income tax at 25% 76,475
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