Jamaican Trading Ltd. is a medium-sized enterprise and

Jamaican Trading Ltd. is a medium-sized enterprise and manufacturer of clothing and shoes. The company’s accounts for the year ended December 31, 2020 showed a net profit of $85,000,000 after charging the following:

Wages & Salaries 50,500,000
Depreciation 2,500,000
Bad debts 380,000
Interest and Bank Charges 1,245,000
Loss on Disposal of Assets 300,000
Further information:
1. Bad Debts totaling $180,000 are for Toyzar Ltd. a debtor who is bankrupt. The remaining provision is a general provision.
2. Interest and bank charges are as follows:
Interest on overdraft 900,000
GCT interest and penalty 300,000
Bank charges 45,000

3. Balancing Allowances were calculated at $120,000 for assets sold. Other allowances include initial allowances of $1,200,000 and $220,000 annual allowances.
4. Jamaican Trade Limited sold a block of shares in Knutsford Quick Ltd. (quoted on the Junior Stock Exchange) and made a gain of $600,000. The business also received dividends of $185,000 from an overseas company resident in Barbados.
5. JTL had tax losses brought forward of $55,000,000. The company paid estimated taxes of $650,000 for the tax year 2020.
6. Specified Payments for the year is $4,020,400.
7. Withholding taxes on interest income totaled $580,000.
8. The company qualifies for the corporate income tax credit.

Required:
a. Calculate income tax liability and taxes payable for JTL.
b. Assess the tax burden for the company using the effective tax rate, and determine whether there are any losses to carry forward to subsequent tax periods.