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  • 20 Marks

PBL – APR 2024 – L1 – Q1 – Negligence in Consumer Product Liability

Advise Yaa Asantewaa on a negligence case against Denice Breweries after she was injured due to kerosene found in a bottle of Denice Ginger Beer.

Yaa Asantewaa bought and drank Denice Ginger Beer manufactured by Denice Breweries. She got injured because kerosene was found in the bottle of the ginger beer. Advise Yaa Asantewaa on a case of negligence against Denice Breweries.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

Gold Resources Ltd. is a mining company operating in the Sparrows Mine and Dove Mines in Ghana. Sparrows Mine shares a processing plant with Dove Mines, and both mines commenced commercial production in 2018. At the close of business on December 31, 2018, Gold Resources Ltd. acquired 20% exploration and production rights in the Eagle Mine which is a production mine for GH₵25,000,000.

The highlights of 2018 revenue and expenditure disclosed in tax returns filed by Gold Resources Ltd. include the following:

Revenue GH₵
Gross income from its operations in 2018 300,000,000
Hedging Income 3,000,000
Interest Income 1,000,000
Consideration realised from the sale of assets 800,000
Gross Dividend from a resident company in which it has 30% voting rights 200,000
Total Revenue 305,000,000

Expenses include the following:

Expenses GH₵
Reconnaissance & Prospecting Cost (Sparrows Mine) 45,000,000
Reconnaissance & Prospecting Cost (Dove Mines) 35,000,000
Depreciation 12,000,000
Exploration & Production Rights (Eagle Mine) 25,000,000
Expenses on Hedging transactions 5,000,000
Cost of the assets sold 300,000
Administrative Expenses 10,000,000
Profit before tax 120,000,000

Required: Compute the tax liability for each tax type that Gold Resources Ltd will be liable to pay in 2018.

Additional Information:

Item Rate
Income Tax Rate for companies 25%
Mineral Income Tax Rate 35%
Mineral Royalty Rate 5%
Capital Allowance Rate 20% on straight line basis
Dividend Withholding Tax Rate 8%
Interest Withholding Tax Rate 8%

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

a) Explain the tax treatment of assignment of or disposal of petroleum rights as provided under the Income Tax Act 2016 (Act 896).

b) Deep Sea Ventures and Coastal Explorations are joint venture partners who have 45% and 40% interest respectively in the Atlantic Oil Fields in Ghana. They commenced exploration in 2010 and discovered hydrocarbons in commercial quantities in 2015. A plan of development was subsequently approved for the development of the Atlantic Oil Fields.

The fiscal terms of the agreement between the joint venture partners and the Government of Ghana include Bonus of US$ 100 million, Royalty of 10%, Initial (Carried) Interest of 10% Additional Participating Interest of 5%, Corporate Tax rate of 35% and Capital Allowance on straight line basis at a rate of 20%. Commercial production commenced in the Atlantic Oil Fields in 2019. Information available on the oil and gas production operations in the Atlantic Oil Fields are as follows:

Up to 31/12/2017 US$
Exploration Costs 250,000,000.00
Development Costs 2,000,000,000.00
Bonus 100,000,000.00

As at 31/12/2018 US$
Exploration Costs 15,000,000.00
Development Costs 1,500,000,000.00
Interest on loan for installations & infrastructure 100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Atlantic Oil Fields

As at 31/12/2019 US$
Exploration Costs 5,000,000.00
Development Costs 430,000,000.00

Required: Compute the capital allowance entitlements of Deep Sea Ventures and Coastal Explorations and state the underlying assumptions for your computations.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

a) Explain the following concepts

i. Unitization; and

ii. Redetermination.

b) ABC Limited has 40% and 30% interest in Costal Reef Petroleum Agreement and Deep Sea Petroleum Agreement respectively. The contract areas of the two Petroleum Agreements have been unitised for joint operation. It has been determined that the hydrocarbon present in the unitised area is in the proportion of 40% and 60% for the Costal Reef Contract Area and Deep Sea Contract Area respectively.

Gross production of crude oil in the unitised area in 2018 year is 500,000,000 barrels. The average price of crude oil that year is $50 per barrel.

Required:

Compute the gross income of ABC Limited for the 2018 year of assessment.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

Explain the following concepts and their tax treatment:

a) Finance Lease;

b) Operating Lease;

c) Ring Fencing and state how it is provided for in respect of Petroleum Operations under the Income Tax Act, 2015 (Act 896).

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

a) Countries grant exploration and production rights to oil and gas companies under various contractual arrangements. But there are three main ones referred to as Host Government Contracts or World Fiscal Systems for oil and gas. Identify and explain the main features of the three Host Government Contracts.

b) Ghana’s upstream petroleum fiscal regime has been described in some fora as “a hybrid of the Royalty Tax Regime and Production Sharing Contract.” Do you agree with this description? If yes, explain; and if not, explain the fiscal regime of Ghana.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q5 – Petroleum Taxation

Compute capital allowances, crude oil distribution, income tax, and government revenue for Sapele Petroleum and Mahogany Production in 2019.

Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated are joint venture partners who have 45% and 35% interest respectively in the Upstream Fields in Ghana. They commenced exploration in 2011 and discovered hydrocarbons in commercial quantities in 2013.

The fiscal terms of the agreement between the joint venture partners and the Government of Ghana include Bonus of US$ 150 million, Royalty of 5%, Initial (Carried) Interest of 15%, Additional Participating Interest of 5%, Corporate Tax rate of 35% and Capital Allowance on straight line basis at a rate of 20%. Mahogany Production is the operator of the Upstream Fields. Production commenced in the Upstream Fields in 2019. Information available on the oil and gas exploration and production operations in the Upstream Fields are as follows:

Up to 31/12/2017 US$
Exploration Costs 250,000,000.00
Development Costs 2,000,000,000.00
Bonus 150,000,000.00

As at 31/12/2018 US$
Exploration Costs 100,000,000.00
Development Costs 1,500,000,000.00
Interest on loan for installation of equipment & facilities 100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Upstream Fields

As at 31/12/2019 US$
Exploration Costs 40,000,000.00
Development Costs 400,000,000.00
Average production cost per barrel 15.00
Average Price of crude oil per barrel 40.00
2019 Production 50,000,000 barrels

You are required to compute the following, and also state the assumptions underlying your computations:
i. Capital allowance entitlements of Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated.
ii. Distribution of crude oil.
iii. 2019 income tax liability of Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated in accordance with the provisions of the Income Tax Act, 2015 (Act 896).
iv. Total revenue that will accrue to Government of Ghana.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q4 – Taxation of Mining Entities

Compute tax liabilities for ABC Mines Ltd for 2019, including royalty, withholding, income, and capital gains taxes.

ABC Mines Ltd. is a mining company operating in the Underground Mine. Commercial production commenced in the Underground Mine in 2019. ABC Mines Ltd also has mineral rights in the Surface Mine which is yet to commence commercial production. In 2019, ABC Mines Ltd. disposed of its mineral rights in Surface Mine.

The highlights of 2019 revenue and expenditure disclosed in tax returns filed by ABC Mines Ltd. are as follows:

Revenue GHe
Gross income from its operations in 2019 450,000,000
Realised sum from disposal of mineral rights in Surface Mine 100,000,000
Hedging Income 40,000,000
Total Revenue 590,000,000

Expenses include but not limited to the following:

Expenses GHe
Reconnaissance & Prospecting Cost (Underground Mine) 100,000,000
Reconnaissance & Prospecting Cost (Surface Mine) 50,000,000
Depreciation 20,000,000
Expenses on Hedging transactions 10,000,000
Operating Expenses (Underground Mine) 80,000,000
General and Administration Expenses (Surface Mine) 20,000,000
Interest Expense (Underground Mine) 20,000,000
Profit before tax 200,000,000

You are required to compute the liability for each tax type that ABC Mines Ltd will pay in the 2019 year of assessment. State the underlying assumptions of your computations.

Additional Information:
Minerals produced in the Underground Mine worth GHS40,000,000 was destroyed in the leased area. An amount of GHS35,000,000 was paid as insurance claims to ABC Mines Ltd in respect of the minerals destroyed.

Tax Rates Rate
Income Tax Rate for Companies 25%
Mineral Income Tax Rate 35%
Mineral Royalty Rate 5%
Interest Withholding Tax Rate 8%
Capital Allowance Rate 20% on straight line basis
Capital Gains Tax Rate 15%

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q3 – Disposal of Petroleum Rights

Explain direct and indirect disposal of petroleum rights under the Income Tax Act.

(a). Write short notes on Direct and Indirect disposal of petroleum rights as provided for under the Income Tax Act, 2015 (Act 896).

(b). Write short notes on Pricing of Crude Oil.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q2 – Ring Fencing

Explain Ring Fencing and its provisions under the Income Tax Act for mining operations.

(a). Explain briefly the concept of Ring Fencing and state how it is provided for in respect of Minerals and Mining Operations under the Income Tax Act, 2015 (Act 896).

(b). Write short notes on Additional Participating Interest and Additional Oil Entitlement.

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  • 20 Marks

PBL – APR 2024 – L1 – Q1 – Negligence in Consumer Product Liability

Advise Yaa Asantewaa on a negligence case against Denice Breweries after she was injured due to kerosene found in a bottle of Denice Ginger Beer.

Yaa Asantewaa bought and drank Denice Ginger Beer manufactured by Denice Breweries. She got injured because kerosene was found in the bottle of the ginger beer. Advise Yaa Asantewaa on a case of negligence against Denice Breweries.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

Gold Resources Ltd. is a mining company operating in the Sparrows Mine and Dove Mines in Ghana. Sparrows Mine shares a processing plant with Dove Mines, and both mines commenced commercial production in 2018. At the close of business on December 31, 2018, Gold Resources Ltd. acquired 20% exploration and production rights in the Eagle Mine which is a production mine for GH₵25,000,000.

The highlights of 2018 revenue and expenditure disclosed in tax returns filed by Gold Resources Ltd. include the following:

Revenue GH₵
Gross income from its operations in 2018 300,000,000
Hedging Income 3,000,000
Interest Income 1,000,000
Consideration realised from the sale of assets 800,000
Gross Dividend from a resident company in which it has 30% voting rights 200,000
Total Revenue 305,000,000

Expenses include the following:

Expenses GH₵
Reconnaissance & Prospecting Cost (Sparrows Mine) 45,000,000
Reconnaissance & Prospecting Cost (Dove Mines) 35,000,000
Depreciation 12,000,000
Exploration & Production Rights (Eagle Mine) 25,000,000
Expenses on Hedging transactions 5,000,000
Cost of the assets sold 300,000
Administrative Expenses 10,000,000
Profit before tax 120,000,000

Required: Compute the tax liability for each tax type that Gold Resources Ltd will be liable to pay in 2018.

Additional Information:

Item Rate
Income Tax Rate for companies 25%
Mineral Income Tax Rate 35%
Mineral Royalty Rate 5%
Capital Allowance Rate 20% on straight line basis
Dividend Withholding Tax Rate 8%
Interest Withholding Tax Rate 8%

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

a) Explain the tax treatment of assignment of or disposal of petroleum rights as provided under the Income Tax Act 2016 (Act 896).

b) Deep Sea Ventures and Coastal Explorations are joint venture partners who have 45% and 40% interest respectively in the Atlantic Oil Fields in Ghana. They commenced exploration in 2010 and discovered hydrocarbons in commercial quantities in 2015. A plan of development was subsequently approved for the development of the Atlantic Oil Fields.

The fiscal terms of the agreement between the joint venture partners and the Government of Ghana include Bonus of US$ 100 million, Royalty of 10%, Initial (Carried) Interest of 10% Additional Participating Interest of 5%, Corporate Tax rate of 35% and Capital Allowance on straight line basis at a rate of 20%. Commercial production commenced in the Atlantic Oil Fields in 2019. Information available on the oil and gas production operations in the Atlantic Oil Fields are as follows:

Up to 31/12/2017 US$
Exploration Costs 250,000,000.00
Development Costs 2,000,000,000.00
Bonus 100,000,000.00

As at 31/12/2018 US$
Exploration Costs 15,000,000.00
Development Costs 1,500,000,000.00
Interest on loan for installations & infrastructure 100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Atlantic Oil Fields

As at 31/12/2019 US$
Exploration Costs 5,000,000.00
Development Costs 430,000,000.00

Required: Compute the capital allowance entitlements of Deep Sea Ventures and Coastal Explorations and state the underlying assumptions for your computations.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

a) Explain the following concepts

i. Unitization; and

ii. Redetermination.

b) ABC Limited has 40% and 30% interest in Costal Reef Petroleum Agreement and Deep Sea Petroleum Agreement respectively. The contract areas of the two Petroleum Agreements have been unitised for joint operation. It has been determined that the hydrocarbon present in the unitised area is in the proportion of 40% and 60% for the Costal Reef Contract Area and Deep Sea Contract Area respectively.

Gross production of crude oil in the unitised area in 2018 year is 500,000,000 barrels. The average price of crude oil that year is $50 per barrel.

Required:

Compute the gross income of ABC Limited for the 2018 year of assessment.

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

Explain the following concepts and their tax treatment:

a) Finance Lease;

b) Operating Lease;

c) Ring Fencing and state how it is provided for in respect of Petroleum Operations under the Income Tax Act, 2015 (Act 896).

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  • 20 Marks

OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

a) Countries grant exploration and production rights to oil and gas companies under various contractual arrangements. But there are three main ones referred to as Host Government Contracts or World Fiscal Systems for oil and gas. Identify and explain the main features of the three Host Government Contracts.

b) Ghana’s upstream petroleum fiscal regime has been described in some fora as “a hybrid of the Royalty Tax Regime and Production Sharing Contract.” Do you agree with this description? If yes, explain; and if not, explain the fiscal regime of Ghana.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q5 – Petroleum Taxation

Compute capital allowances, crude oil distribution, income tax, and government revenue for Sapele Petroleum and Mahogany Production in 2019.

Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated are joint venture partners who have 45% and 35% interest respectively in the Upstream Fields in Ghana. They commenced exploration in 2011 and discovered hydrocarbons in commercial quantities in 2013.

The fiscal terms of the agreement between the joint venture partners and the Government of Ghana include Bonus of US$ 150 million, Royalty of 5%, Initial (Carried) Interest of 15%, Additional Participating Interest of 5%, Corporate Tax rate of 35% and Capital Allowance on straight line basis at a rate of 20%. Mahogany Production is the operator of the Upstream Fields. Production commenced in the Upstream Fields in 2019. Information available on the oil and gas exploration and production operations in the Upstream Fields are as follows:

Up to 31/12/2017 US$
Exploration Costs 250,000,000.00
Development Costs 2,000,000,000.00
Bonus 150,000,000.00

As at 31/12/2018 US$
Exploration Costs 100,000,000.00
Development Costs 1,500,000,000.00
Interest on loan for installation of equipment & facilities 100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Upstream Fields

As at 31/12/2019 US$
Exploration Costs 40,000,000.00
Development Costs 400,000,000.00
Average production cost per barrel 15.00
Average Price of crude oil per barrel 40.00
2019 Production 50,000,000 barrels

You are required to compute the following, and also state the assumptions underlying your computations:
i. Capital allowance entitlements of Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated.
ii. Distribution of crude oil.
iii. 2019 income tax liability of Sapele Petroleum Ghana Ltd and Mahogany Production Incorporated in accordance with the provisions of the Income Tax Act, 2015 (Act 896).
iv. Total revenue that will accrue to Government of Ghana.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q4 – Taxation of Mining Entities

Compute tax liabilities for ABC Mines Ltd for 2019, including royalty, withholding, income, and capital gains taxes.

ABC Mines Ltd. is a mining company operating in the Underground Mine. Commercial production commenced in the Underground Mine in 2019. ABC Mines Ltd also has mineral rights in the Surface Mine which is yet to commence commercial production. In 2019, ABC Mines Ltd. disposed of its mineral rights in Surface Mine.

The highlights of 2019 revenue and expenditure disclosed in tax returns filed by ABC Mines Ltd. are as follows:

Revenue GHe
Gross income from its operations in 2019 450,000,000
Realised sum from disposal of mineral rights in Surface Mine 100,000,000
Hedging Income 40,000,000
Total Revenue 590,000,000

Expenses include but not limited to the following:

Expenses GHe
Reconnaissance & Prospecting Cost (Underground Mine) 100,000,000
Reconnaissance & Prospecting Cost (Surface Mine) 50,000,000
Depreciation 20,000,000
Expenses on Hedging transactions 10,000,000
Operating Expenses (Underground Mine) 80,000,000
General and Administration Expenses (Surface Mine) 20,000,000
Interest Expense (Underground Mine) 20,000,000
Profit before tax 200,000,000

You are required to compute the liability for each tax type that ABC Mines Ltd will pay in the 2019 year of assessment. State the underlying assumptions of your computations.

Additional Information:
Minerals produced in the Underground Mine worth GHS40,000,000 was destroyed in the leased area. An amount of GHS35,000,000 was paid as insurance claims to ABC Mines Ltd in respect of the minerals destroyed.

Tax Rates Rate
Income Tax Rate for Companies 25%
Mineral Income Tax Rate 35%
Mineral Royalty Rate 5%
Interest Withholding Tax Rate 8%
Capital Allowance Rate 20% on straight line basis
Capital Gains Tax Rate 15%

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q3 – Disposal of Petroleum Rights

Explain direct and indirect disposal of petroleum rights under the Income Tax Act.

(a). Write short notes on Direct and Indirect disposal of petroleum rights as provided for under the Income Tax Act, 2015 (Act 896).

(b). Write short notes on Pricing of Crude Oil.

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  • 20 Marks

OGMT – Aug 2020 – L1 – Q2 – Ring Fencing

Explain Ring Fencing and its provisions under the Income Tax Act for mining operations.

(a). Explain briefly the concept of Ring Fencing and state how it is provided for in respect of Minerals and Mining Operations under the Income Tax Act, 2015 (Act 896).

(b). Write short notes on Additional Participating Interest and Additional Oil Entitlement.

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