Presidents Fees. Is it a taxable income?

 

Following on from the question about the legality of “The Presidents Fees”, we were asked whether the President has to declare the fees and pay tax on them? Assuming there is no receipt to justify costs other than the time he has put in, one would assume that this is an income for the time spent on the job. In other words the payments is for the hours of work and as such it can be considered as either an employment or income for the president. So how can the costs be justified for accounting purposes? Or can the Community make a gift to the President for his services? What is the proper procedure?