Question Tag: Ghana Revenue Authority

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  • 10 Marks

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

You are a Senior Transfer Pricing Associate of Fameye and Associates. You have received the following email from a former client, Asew LTD, who has received a Transfer Pricing audit assessment from the Ghana Revenue Authority (GRA) for the 2021, 2022, and 2023 years of assessment.

Subject: Transfer Pricing Compliance Assistance

Hello Team,

I came to the office today and received a letter from the GRA regarding a tax assessment on transfer pricing issues. According to the letter, our company owes the GRA some penalties for non-compliance with the transfer pricing regulations. I am confused as to what our compliance obligations are. I would need your assistance on how we can comply with the transfer pricing laws of Ghana.

I hope to hear from you soon.

Kind regards,

Nii Armaah
Managing Director, Asew LTD

Required:

In line with the provisions of the Transfer Pricing Regulations, 2020 (L.I. 2412), draft a response for the review of your Tax Partner, covering the following:

(i) The required transfer pricing documentation that must be maintained by companies in Ghana under the three-tier transfer pricing documentation requirements, including the time by which these must be filed with the GRA, where applicable.                      (ii) TWO conditions or circumstances under which a company may be exempted from compliance with any of the above documentation requirements.

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  • 5 Marks

PT- Nov 2024 – L2 – Q5d – Data Analytics in Taxation

Explain how data analytics can be used to detect tax evasion and provide examples of how GRA might use data analytics to enhance tax compliance.

GRA’s use of data analytics has become increasingly important in identifying tax evasion and improving compliance.

Required:
i) Explain how data analytics can be used to detect tax evasion. 
ii) Provide TWO examples of how GRA might use data analytics to enhance tax compliance.

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  • 5 Marks

PT – Nov 2024 – L2 – Q5c – E-Auditing and Tax Compliance

Explain e-auditing, its differences from traditional tax audits, and discuss advantages for taxpayers and tax authorities.

The integration of Information Technology in tax administration has enabled the Ghana Revenue Authority (GRA) to adopt e-auditing processes, allowing for the remote examination of taxpayers’ records.                                                                                                      Required:
i) Describe the process of e-auditing and how it differs from traditional tax audits. 
ii) Discuss TWO advantages of e-auditing for both the taxpayer and the tax authority.

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  • 2 Marks

PT – Nov 2024 – L2 – Q2a – Integration of Revenue Agencies into GRA

Explanation of the benefits resulting from the consolidation of revenue agencies into GRA.

In 2009, the former revenue agencies (VAT, IRS, and CEPS) were consolidated into the Ghana Revenue Authority (GRA). This integration was anticipated to provide certain benefits to both taxpayers and the overall tax administration.

Required:

State FOUR benefits resulting from the integration of the revenue agencies into the GRA

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  • 5 Marks

PT – Nov 2023 – L2 – Q1c – Overview of the Ghanaian Tax System and Fiscal Policy

State five functions performed by the Ghana Revenue Authority.

Ghana Revenue Authority has been charged to perform certain functions as enacted by Ghana Revenue Authority Act, 2009 (Act 791).

Required:
State FIVE (5) functions performed by Ghana Revenue Authority.

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  • 5 Marks

PT – Nov 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the obligations of a withholding agent under the Ghanaian tax system.

The retention of tax by one person when making payment to another person regarding the obligations of a withholding agent is sometimes described as an easy way of tax administration.

Required:
Explain the obligations of a withholding agent.
(5 marks)

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  • 5 Marks

PT – May 2020 – L2 – Q5c – Withholding Tax Administration

This question requires the computation of the penalty for late filing of withholding tax returns by Adamu Ltd.

The following unstructured invoice has been forwarded to Adamu Ltd from Asigra Ltd, a standard rated supplier:
Goods invoiced (VAT inclusive) GH¢3,000,000 The above transactions relate to payment for goods in January 2019.
Required:
i) Compute the withholding tax payable by Adamu Ltd.
(2 marks)
Assuming Adamu Ltd filed the withholding tax return 12 days after the due date,
ii) compute the penalty payable.
(3 marks)

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  • 5 Marks

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Mr. Nyametse John is a member of Community Christ Church. Mr. Nyametse does not run a business, nor is he employed. In the 2018 year of assessment, he received the following from his Pastor, who just returned from the United Kingdom:

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

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  • 7 Marks

PT – May 2020 – L2 – Q3a – Income Tax Liabilities

This question involves computing the assessable income for each partner in a partnership based on profit-sharing ratios and additional benefits.

During the year ended 31 December 2018, the partnership of David, Stella, and Percy reported an adjusted profit of GH¢951,000 before charging partners’ salaries, interest on capital, and costs of traveling for leave.

Partner Profit/Loss Sharing Ratio Salaries (GH¢) Interest on Capital (GH¢) Cost of Traveling for Leave (GH¢)
David 3 48,000 30,000 20,000
Stella 2 72,000 20,000 30,000
Percy 1 96,000 10,000 25,000
Required:
Compute the assessable income for each partner.
(7 marks)

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  • 8 Marks

PT – May 2020 – L2 – Q1c – Tax Administration

This question outlines the conditions that must be met by a company before the Commissioner-General can make a determination on a tax objection.

Knaah-Shormeh Ltd has to settle Ghana Revenue Authority on the following tax liabilities:

Tax Liabilities Amount (GH¢)
Custom duties 1,000,000
Withholding Tax Surcharge 80,000
Value Added Tax 500,000
Corporate Tax 100,000
Total Liability 1,680,000
Additional Information:

50% of the Value Added Tax relates to imports.
The above came about from an adjusted assessment through an audit conducted and a report submitted on 31 January 2019.
The company has engaged Miracle Consultants, a firm of Tax Practitioners, to help it object to the assessment, claiming it is excessive and erroneous based on its facts and circumstances.
Required:
What conditions must be met by Knaah-Shormeh Ltd before the Commissioner-General makes a determination on the objection? (8 marks)

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  • 5 Marks

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

The Ghana Revenue Authority is made up of two operational divisions: Domestic Tax Revenue Division (DTRD) and Customs Division (CD) with assistance from the Support Services Division (SSD).

Required:
In reference to the statement above, state FIVE (5) direct taxes administered by the Domestic Tax Revenue Division of the Ghana Revenue Authority. (5 marks)

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  • 4 Marks

PT – Mar 2024 – L2 – Q1a – Tax Administration

Explain the benefits of the new tax administration reforms in Ghana for taxpayers and GRA.

In recent years, the Ghana Revenue Authority (GRA) has embarked on some tax administrative reforms. One of the key administrative reforms is the merger of the Medium Taxpayer Office (MTO) and Small Taxpayer Office (STO) systems in the management of taxpayers, which has resulted in the introduction of the Taxpayer Services Centres (TSCs) concept whereby taxpayers are migrated to tax offices closer to their business locations, irrespective of their turnovers.

Required:

i) Explain TWO (2) benefits of the new tax administration reform to the taxpayer. (2 marks)

ii) Explain THREE (3) benefits of the new tax administration reform to the GRA. (3 marks)

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  • 6 Marks

AT – Nov 2018 – L3 – Q1c – Tax administration in Ghana

Evaluating the roles of Ghana Revenue Authority in managing the Ghanaian economy.

Tax reforms have characterised global taxation. Countries have embarked on various reforms geared towards improving tax revenue to help provide the basis for infrastructural and guarantee sustainable development. Ghana has not been left out in these critical tax reforms.
Tax administration in Ghana therefore has seen a number of reforms since the 1960s, with the most recent being the integration of the Revenue Agencies into an Authority to act as a one-stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791).
Required:
Evaluate FOUR (4) roles played by the Ghana Revenue Authority in the management of the Ghanaian economy. (6 marks)

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  • 3 Marks

TX – May 2019 – L3 – Q4A – Tax administration in Ghana

Discuss the circumstances under which the Commissioner-General can require early filing of tax returns and the powers available when taxpayers fail to file on time.

i) Under what circumstances would the Commissioner-General of Ghana Revenue Authority, by notice, require a person to file a tax return before the due date for filing of tax returns? (4 marks)

ii) What are the powers of the Commissioner-General if a taxpayer fails to file tax return on time? (3 marks)

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  • 3 Marks

TX – May 2019 – L3 – Q4B – International taxation

Identify the factors considered by the Commissioner-General in selecting a person for a tax audit.

b) The Commissioner-General may, in the exercise of his powers, audit the tax affairs of a person.

Required:
Identify THREE (3) factors considered for selecting a person for audit. (3 marks)

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  • 2 Marks

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

d) State the general rule on registration for VAT. (2 marks)

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  • 8 Marks

TX – May 2019 – L3 – Q4C – Business income – Corporate income tax

Explain VAT terms including taxable activity, exempt supply, relief supply, and zero-rated supply, with examples.

c) Explain the following terms used under Value Added Tax (VAT) administration and provide TWO (2) examples under each term.
i) Taxable activity (2 marks)
ii) Exempt supply (2 marks)
iii) Relief supply (2 marks)
iv) Zero-rated supply (2 marks)

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  • 20 Marks

AT – April 2022 – L3 – Q5 – Business income – Corporate income tax | Tax planning

A trainee accountant is tasked with correcting errors in the tax computation of Prime Shea Ltd. The tasks include determining allowable financial costs, preparing a revised tax computation, calculating the tax payable, and recommending a process for appeal against a tax audit assessment.

a) You are a Trainee Accountant, and your manager has asked you to correct a company tax
computation which has been prepared by the Managing Director of Prime Shea Ltd, a
manufacturing company located in Batanyili, a suburb of Tamale in the Northern Region.
The company commenced business on 1 January 2014. The company tax computation is
for the year ended 31 March 2020 and contains a significant number of errors:

Required:
i) Determine the allowable financial cost for the year ended 31 December 2020. (4 marks)
ii) Prepare a revised tax computation to determine the chargeable income for the year ended
31 December 2020. (4 marks)
iii) Calculate the tax payable by Prime Shea Ltd under the Income Tax Act 2015 (Act 896) as
amended. (2 marks)

 

b) You are a final level CA student who has been helping Naagode Ltd on tax issues. Naagode Ltd has been doing business in the international space, importing and exporting products. You have been told that when you qualify, you would manage their Tax Department.

What has baffled the company lately is an audit outcome by the Ghana Revenue Authority. The audit was done in two-folds. One by the Post Clearance Audit Department of the Customs Division and the other by Tax Audit and Quality Assurance (TAQA) Department of Domestic Tax Revenue Division.

The audit findings are as follows:

Post Clearance Audit Department of the Custom Division:
Import Duties GH¢10,000,000
Value Added Tax (VAT) GH¢12,000,000
National Health Insurance Levy (NHIL) GH¢4,000,000
Ghana Education Trust Fund (GET/Fund) GH¢4,000,000

TAQA Department of Domestic Tax Revenue Division:
Corporate Tax GH¢230,000,000
VAT GH¢29,000,000
NHIL GH¢29,000,000
Withholding Tax (WHT) GH¢105,000,000

The management of Naagode Ltd has asked you to assess the chances of the Company if an objection to the assessment is raised as it considers the assessment quite excessive.

Required:
Recommend the process that the management should adopt to ensure success in its appeal.

 

 

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  • 5 Marks

TF – May 2018 – L3 – Q1a – Tax administration in Ghana

Identify five functions to be performed by the GRA in achieving its objectives.

The Ghana Revenue Authority Act, 2009 (Act 791) provides certain objectives to be achieved by the Ghana Revenue Authority (GRA) in the performance of its functions.

Required:
Identify FIVE functions that are to be performed by GRA to achieve its objectives.
(5 marks)

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  • 5 Marks

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

a) Eddie Enterprise Ltd imported a vehicle for GH¢30,000 and was denied the claim of input tax (VAT) on the imports in 2014 on the vehicle by the Ghana Revenue Authority. In 2017, it intends to sell the vehicle for an amount of GH¢26,000.

Required:

The Company seeks your views as a seasoned Tax Expert to advise on the possible tax implication of the above transaction.
(5 marks)

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