Direct Tax – Knowsia

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

Question

Charley Chemist LTD made a taxable supply of medical consumables amounting to GH¢750,000 exclusive of VAT and levies on 23 November 2023 to the University of Ghana Medical Centre. The University of Ghana Medical Centre is a withholding tax agent for both VAT withholding and Direct Tax withholding.

Required:
i) Compute the amount of VAT withheld by the University of Ghana Medical Center.
ii) Compute the amount of direct tax withheld by the University of Ghana Medical Centre.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Tax, Medical Supplies, Tax Agent, Tax Compliance, Tax computation, Tax deduction, VAT, VAT Withholding, Withholding Tax
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties, Withholding Tax Administration
Series: Nov 2024

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

Question

Mr. Adele has just retired from the public service and is trying to venture into business. He is, however, concerned about the taxes that may affect his new business. As the tax consultant to Mr. Adele, he wants you to explain some terminologies to enable him to have a better understanding of them.

Required:

Explain the following:

(i) Proportional tax and progressive tax (2 Marks)
(ii) Direct tax and indirect tax (2 Marks)
(iii) Statute laws and case laws (2 Marks)
(iv) Franked investment income (3 Marks)
(v) Taxes collectible by local governments (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Case Law, Direct Tax, Franked Investment Income, Indirect Tax, Local Government Taxes, Progressive Tax, Proportional Tax, Statute Law
Level: Level 2

Topic: Introduction to Taxation, The Nigerian Tax System
Series: MAY 2019

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

Question

Required:
i) Compute the amount of VAT withheld by the University of Ghana Medical Center.
ii) Compute the amount of direct tax withheld by the University of Ghana Medical Centre.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Tax, Medical Supplies, Tax Agent, Tax Compliance, Tax computation, Tax deduction, VAT, VAT Withholding, Withholding Tax
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties, Withholding Tax Administration
Series: Nov 2024

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

Question

Required:

Explain the following:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Case Law, Direct Tax, Franked Investment Income, Indirect Tax, Local Government Taxes, Progressive Tax, Proportional Tax, Statute Law
Level: Level 2

Topic: Introduction to Taxation, The Nigerian Tax System
Series: MAY 2019

Question Tag: Direct Tax

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Direct Tax

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

You're reporting an error for "PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation"

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

You're reporting an error for "TAX – May 2019 – L2 – Q7a – Introduction to Taxation"

PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation

Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.

You're reporting an error for "PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation"

TAX – May 2019 – L2 – Q7a – Introduction to Taxation

Explain key tax terminologies to help Mr. Adele understand business-related taxes.

You're reporting an error for "TAX – May 2019 – L2 – Q7a – Introduction to Taxation"

Our offerings

Contact Info

Customer

Get In Touch

admin