Question Tag: Ghana tax laws

Search 500 + past questions and counting.

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

Question

(a). Zabta Company Limited has been in operation in Ghana for less than two years. The Managing Director is not comfortable with the Head of Finance with regard to the manner in which he handles tax issues of the company and has therefore sought your advice on the tax implications of the following intended transactions by the company: i) Borrowing from Zenith Bank (Ghana) Limited of an amount of GHS2.50 million at an interest rate of 28% per annum and a commitment fee of 1% flat. ii) Borrowing from Bank of America (in the USA) of an amount of US$4.00 million at an interest rate of 9% per annum and a commitment fee of 0.3% flat.

As a newly appointed tax consultant of the company, you are required to advise the Managing Director (in a memorandum) of the tax implications of the above transactions.

(b). You have been recently appointed an Advisor responsible for Finance and Tax at the office of the Chief of Staff of Ghana. The Chief of Staff has requested you for a reasoned write-up of the taxability status of the Vice-President of the Republic of Ghana under the Internal Revenue Act, 2000 (Act 592) as amended.

You are required to explain the taxability status of the Vice-President of the Republic of Ghana under the provisions of the Internal Revenue Act, 2000 (Act 592), as amended with respect to income tax, capital gains tax, and gift tax.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Borrowing, Ghana tax laws, Interest Deduction, VAT, Withholding Tax
Level: Level 2

Topic: Income Tax Computation
Series: AUG 2015

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

Question

(a). As a tax consultant, you have been contacted by a prospective investor who is planning his staff budget for expatriates and would like to know if there are any qualifying conditions under which allowances or payments made to an employee (expatriate) by an employer for a passage to or from Ghana in respect of that person’s appointment or termination of employment will not be taxed in the hand of that person (employee) under the tax laws of Ghana.

You are required to indicate the three qualifying conditions available under the Internal Revenue Act, 2000 (Act 592) as amended.

(b). Under what circumstances will a person who owns a chargeable asset be deemed to have realized the asset in accordance with the provisions of the Internal Revenue Act, 2000 (Act 592) as amended. Are there any exceptions?

(c). Jones Lamptey completed construction of a building at a cost of GHS105,000.00 in June 2011 at Madina. In April 2014, he had undertaken repairs to the building amounting to GHS3,600.00 as a result of cracks and leakages to the roof. In June 2014, he also paid an amount of GHS800 for fire insurance on the building to State Insurance Company of Ghana. In September 2014, Jones sold the house to Abeiku Martey for GHS150,900.00 and paid sales commission of 3% of the sales proceed to Dumsor Real Estate Agency, who arranged and facilitated the transaction. In November 2014, Jones used GHS130,000.00 of the sales proceed of the building at Madina to purchase another building at Lakeside Estate because he wanted to live in a gated community.

You are required to determine capital gains, if any, accruing to Jones Lamptey from these transactions.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Expatriate Allowances, Ghana tax laws, Income Tax, Passage Costs
Level: Level 2

Topic: Employment Income Taxation
Series: AUG 2015

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

Question

(a). The Pastoral Council of the Church of Soul Resurrection has approached you as a tax consultant for tax advice on the operations of the Church, including allowances paid to the Pastors and other Reverend Ministers. You are informed that the income of the Church is from donations, offertories and tithes from its congregants which are used towards charitable causes in the community and the upkeep of the Church. You are also informed that the Church was registered as a company limited by guarantee under the Companies Act, 1963 (Act 179) as amended.

You are required to write a memorandum (since you also double as a member of the Pastoral Council) to the Chairman of the Pastoral Council of the Church of Soul Resurrection to explain the tax implications of the income of the Church and the allowances paid to the Pastors and other Reverend Ministers. Please note that your advice should be based on the provisions of the tax laws of Ghana.

(b). Under Section 20 of the Value Added Tax Act, 2013 (Act 870), “supply of goods” means an arrangement under which the owner of goods parts with possession of the goods, by way of sale, barter, lease, transfer, exchange, gift or similar disposition; and

“supply of services” means a supply which is not a supply of goods or money, and in the nature of the performance of services for another person; the making available of a facility or advantage; or tolerating a situation or refraining from doing an activity.”

With reference to the above quotation, you are required to indicate the activities that do not constitute supply of goods or services under the Value Added Tax Act, 2013 (Act 870).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Allowances, Church Income, Exemptions, Ghana tax laws, Income Tax
Level: Level 2

Topic: Income Tax Computation
Series: AUG 2015

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

Question

Mr. John Romeski worked for Aligidon Company Ltd for 25 years and retired at the age of 60. In the last 3 years of his working life, he earned annual salary as follows:

Year	Annual Salary (GH¢)
58th	93,000
59th	96,000
60th	99,000

He has 300 months’ contribution to his credit.

Required:

Assuming he retired under the National Pension Act, 2008 (Act 766), compute his pension benefit and his monthly pension pay. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, National Pension Act, Pension benefits, Pension Computation, Retirement
Level: Level 2

Topic: Income Tax Liabilities
Series: DEC 2023

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

Question

The spectrum of investment opportunities in Ghana has heightened and this has attracted some investors who intend to visit next month to assess the potential for investment. The Ministry of Finance has written to your Tax Consulting Firm to make a presentation on behalf of the Ministry to these Investors. The letter from the Ministry contains in part the following:

“International trade has given persons the ability to carry out separate aspects of their business operations in different countries. Even though it will be inconceivable to compel a person to pay taxes in every country where that person carries out business operations, the level of business activity carried on by a person in a particular country may expose that person to tax liabilities under the laws of that country. In Ghana, assessable income of a non-resident person includes income effectively connected with a Ghanaian permanent establishment of the person irrespective of the source of the income…”

Required: Prepare a report highlighting the following:

a) What constitutes a Ghanaian permanent establishment with reference to the Income Tax Act, 2015 (Act 896)?
(4 marks)

b) Explain the taxation rules on Ghanaian permanent establishment as enshrined in the Income Tax Act, 2015 (Act 896).
(10 marks)

c) There are economic double taxation and juridical double taxation. Explain these TWO (2) concepts of double taxation.
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business operations, Double Taxation, Ghana tax laws, Permanent Establishment, Tax treaties
Level: Level 3

Topic: International taxation
Series: MAY 2020

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

Question

A Pastor of a Church at Kasoa intends to run a Non-Governmental Organisation (NGO) to serve the needs of the catchment area with the hope that it would serve as a springboard to get a lot of people to fellowship with the Church.

The Pastor has invited you as a member of the community to give advice on how to position the NGO in order not to run into problems with the Ghana Revenue Authority in respect of tax issues.

Required:
Discuss the position of the tax laws on Non-Governmental Organisations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, Non-Governmental Organizations (NGOs), Tax Exemptions
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2023

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

Question

As a newly appointed tax consultant of the company, you are required to advise the Managing Director (in a memorandum) of the tax implications of the above transactions.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Borrowing, Ghana tax laws, Interest Deduction, VAT, Withholding Tax
Level: Level 2

Topic: Income Tax Computation
Series: AUG 2015

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

Question

You are required to indicate the three qualifying conditions available under the Internal Revenue Act, 2000 (Act 592) as amended.

You are required to determine capital gains, if any, accruing to Jones Lamptey from these transactions.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Expatriate Allowances, Ghana tax laws, Income Tax, Passage Costs
Level: Level 2

Topic: Employment Income Taxation
Series: AUG 2015

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

Question

With reference to the above quotation, you are required to indicate the activities that do not constitute supply of goods or services under the Value Added Tax Act, 2013 (Act 870).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Allowances, Church Income, Exemptions, Ghana tax laws, Income Tax
Level: Level 2

Topic: Income Tax Computation
Series: AUG 2015

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

Question

Mr. John Romeski worked for Aligidon Company Ltd for 25 years and retired at the age of 60. In the last 3 years of his working life, he earned annual salary as follows:

Year	Annual Salary (GH¢)
58th	93,000
59th	96,000
60th	99,000

He has 300 months’ contribution to his credit.

Required:

Assuming he retired under the National Pension Act, 2008 (Act 766), compute his pension benefit and his monthly pension pay. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, National Pension Act, Pension benefits, Pension Computation, Retirement
Level: Level 2

Topic: Income Tax Liabilities
Series: DEC 2023

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

Question

Required: Prepare a report highlighting the following:

a) What constitutes a Ghanaian permanent establishment with reference to the Income Tax Act, 2015 (Act 896)?
(4 marks)

b) Explain the taxation rules on Ghanaian permanent establishment as enshrined in the Income Tax Act, 2015 (Act 896).
(10 marks)

c) There are economic double taxation and juridical double taxation. Explain these TWO (2) concepts of double taxation.
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business operations, Double Taxation, Ghana tax laws, Permanent Establishment, Tax treaties
Level: Level 3

Topic: International taxation
Series: MAY 2020

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

Question

The Pastor has invited you as a member of the community to give advice on how to position the NGO in order not to run into problems with the Ghana Revenue Authority in respect of tax issues.

Required:
Discuss the position of the tax laws on Non-Governmental Organisations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, Non-Governmental Organizations (NGOs), Tax Exemptions
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2023

Question Tag: Ghana tax laws

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

Our offerings

Community

Contact Info

Customer

Get In Touch

Question Tag: Ghana tax laws

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

You're reporting an error for "ATP – Aug 2015 – L2 – Q3 – Income Tax Computation"

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

You're reporting an error for "ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation"

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

You're reporting an error for "ATP – Aug 2015 – L2 – Q1 – Income Tax Computation"

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

You're reporting an error for "PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities"

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

You're reporting an error for "AT – May 2020 – L3 – Q1 – International taxation"

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

You're reporting an error for "AT – March 2023 – L3 – Q2a – Tax administration in Ghana"

ATP – Aug 2015 – L2 – Q3 – Income Tax Computation

Advise on tax implications of loans from Zenith Bank and Bank of America for Zabta Company.

You're reporting an error for "ATP – Aug 2015 – L2 – Q3 – Income Tax Computation"

ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation

List conditions for tax-exempt passage allowances for expatriates under Ghana tax laws.

You're reporting an error for "ATP – Aug 2015 – L2 – Q2 – Employment Income Taxation"

ATP – Aug 2015 – L2 – Q1 – Income Tax Computation

Advise on tax implications of church income and pastoral allowances under Ghana tax laws.

You're reporting an error for "ATP – Aug 2015 – L2 – Q1 – Income Tax Computation"

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

You're reporting an error for "PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities"

AT – May 2020 – L3 – Q1 – International taxation

Explanation of the concept of permanent establishment in Ghana and the differences between economic and juridical double taxation.

You're reporting an error for "AT – May 2020 – L3 – Q1 – International taxation"

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

You're reporting an error for "AT – March 2023 – L3 – Q2a – Tax administration in Ghana"

Our offerings

Community

Contact Info

Customer

Get In Touch

admin

Pick a Form