Computation of Taxable Profits	                        £       £

Profit per accounts for the accounting
period ending in the fiscal year prior
to the year of assessment		                        X

Add: Disallowable expenses included in accounts		        X

Business asset depreciation calculated
according to tax rules (wear and tear)	                        X

Balancing charges/(allowances) on
disposal of business assets	                       X

Income included in accounts not subject 
to Gibraltar Taxation	                               X
Profits subject to Corporation Tax		                P

Taxation Payable = 35% x P		                        X

Less: Concessionary Double Taxation Relief       	       (X)

Taxation withheld on interest and dividends
received from other Gibraltar resident companies	       (X)
Net Tax Payable		                                        X

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