GET Fund – Knowsia

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Menuaa Manufacturing Limited (MML) produces iron rods for sale in both the domestic and foreign markets. The company is registered with the Ghana Revenue Authority for Value Added Tax (VAT). The company’s transactions during the month of October 2018 were as follows:

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

Unless otherwise stated Sales and Purchases are all Value Added Tax exclusive. National Health Insurance and GET Fund Levies are also exclusive except where it has been specifically stated.
Required:
a. You are required to calculate the NHIL and GET fund levies, VAT payable, if any, and Withholding Tax for October 2018.

b. State the last date when each payment is due.

Answer

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Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

Question

a) Nyameaye Limited is a company registered under the Companies Act 1963, Act 179 and has been in consultancy business over the years. The company has been registered to operate as a Value Added Tax (VAT) registered company, since it deals in both taxable and non-taxable supplies.

The company’s operations for January, 2019 were as follows:

	GH¢
Total value of taxable supplies invoiced (VAT inclusive)	4,353,372
Input Tax on Taxable Supplies	460,317
Value of Exempt Supplies	360,000
Purchase of double cabin Toyota Pick Up (VAT exclusive)	240,000
Value of relief Supplies	108,400

Your review of the invoices showed that VAT and other levies on the Toyota pick-up and hotel bills of GH¢1,880.00 were included in the Input Tax on Taxable supplies.

Required:
Compute the GET Fund Levy, National Health Insurance Levy (NHIL) and VAT payable for the month of January, 2019.

b)i. State and explain the treatments of transactions and filing of returns in respect of the following legislations: Value Added Tax Act, (Act 870); GET Fund levy Act, 2000 (Act 581) and National Health Insurance Levy Act, 2003 (Act 650).

ii. Concisely, outline how taxes are computed and filed under the following Amendment Acts: VAT (Amendment) Acts, 2018 (Act 970), and National Health Insurance Levy (Amendment) Act, 2018 (Act 971); GET Fund (Amendment) Act, 2018 (Act 972).

Answer

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Tags: Amendments, GET Fund, NHIL, Tax Returns, VAT Act
Level: Level 2

Topic: Indirect Taxes
Series: FEB 2020

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

b. State the last date when each payment is due.

Answer

Find Related Questions by Tags, levels, etc.

Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

Question

The company’s operations for January, 2019 were as follows:

	GH¢
Total value of taxable supplies invoiced (VAT inclusive)	4,353,372
Input Tax on Taxable Supplies	460,317
Value of Exempt Supplies	360,000
Purchase of double cabin Toyota Pick Up (VAT exclusive)	240,000
Value of relief Supplies	108,400

Your review of the invoices showed that VAT and other levies on the Toyota pick-up and hotel bills of GH¢1,880.00 were included in the Input Tax on Taxable supplies.

Required:
Compute the GET Fund Levy, National Health Insurance Levy (NHIL) and VAT payable for the month of January, 2019.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amendments, GET Fund, NHIL, Tax Returns, VAT Act
Level: Level 2

Topic: Indirect Taxes
Series: FEB 2020

Question Tag: GET Fund

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

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ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

You're reporting an error for "ATP – Feb 2020 – L2 – Q1 – Indirect Taxes"

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

You're reporting an error for "ATP – Aug 2019 – L2 – Q2 – Indirect Taxes"

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

You're reporting an error for "ATP – Feb 2020 – L2 – Q1 – Indirect Taxes"

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