Import duty – Knowsia

STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

Question

(a) Isak Esh Ltd registered to do business in Ghana in October 2012. The CEO read in the papers that the Ghana Revenue Authority intends to embark on a mop up exercise before year 2012 will end. The CEO has been briefed by the Chief Finance Officer of Isak Esh Ltd about his company’s inability to have registered with the GRA for VAT purposes. As Chartered Tax Advisor, the CEO has approached you for advice.

Required Please advice Isak Esh Ltd on its VAT responsibility in Ghana.

(b). As tax advisor to Tanko Enterprises Ltd., you receive a note from the Chief Finance Officer as follows: “We have purchased Processing Plant and Machinery from a company registered in Mauritius. The company has agreed not to sell this machinery to any other party in Ghana for the next ten (10) years and therefore is charging us additional fee of $100,000. Should we pay? What are the tax implications of the payment of the price of the machinery and the additional fee in Ghana? “

Required a) Please advice the Chief Finance Officer on Tanko’s tax responsibilities as detailed in the Tax Acts in respect of such transactions.

b) Discuss the duty and VAT payable on the import of machinery into Ghana.

Answer

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Tags: Capital Allowance, Import duty, Machinery Purchase, VAT
Level: Level 2

Topic: Strategic Indirect Tax Management
Series: AUG 2013

TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

Question

The rate of import duty on live reptiles, including snakes and turtles is:
A. 25%
B. 20%
C. 15%
D. 10%
E. 5%

Answer

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Tags: Customs, Import duty, Reptiles, Tax Rates
Level: Level 1

Topic: Tax Administration and Enforcement
Series: MAY 2021

TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

Question

What constitutes “Duty Drawback” and what are the types of “Duty Drawbacks” in customs administration?

Answer

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Tags: Duty Drawback, Export Incentives, Import duty, Tax Refund
Level: Level 3

Topic: Duty Drawbacks, International taxation
Series: MAY 2018

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

Question

The Government intends to drastically discourage the importation of television sets and rather create local demands for Osafo Electronics as part of efforts to “Grow Made in Ghana products.”

The following data is relevant:
4,000 pieces of television sets at a cost of GHS2,200.00 per one were imported in March 2015 from USA by Kamus Enterprise. The cost of freight was GHS100 per television set via KLM Airline.

Additional information:

Rate of duty: 20%
Specific rate of duty: GHS80 per television set

Required:

i. Using the above, compute the taxes payable under both the ad valorem and specific methods.
(6 marks)

ii. Advise the government on which method would help achieve its intended action and why.
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ad Valorem tax, Government tax policy, Import duty, Specific tax rate, VAT
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

Question

Required Please advice Isak Esh Ltd on its VAT responsibility in Ghana.

Required a) Please advice the Chief Finance Officer on Tanko’s tax responsibilities as detailed in the Tax Acts in respect of such transactions.

b) Discuss the duty and VAT payable on the import of machinery into Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Import duty, Machinery Purchase, VAT
Level: Level 2

Topic: Strategic Indirect Tax Management
Series: AUG 2013

TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

Question

The rate of import duty on live reptiles, including snakes and turtles is:
A. 25%
B. 20%
C. 15%
D. 10%
E. 5%

Answer

Find Related Questions by Tags, levels, etc.

Tags: Customs, Import duty, Reptiles, Tax Rates
Level: Level 1

Topic: Tax Administration and Enforcement
Series: MAY 2021

TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

Question

What constitutes “Duty Drawback” and what are the types of “Duty Drawbacks” in customs administration?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Duty Drawback, Export Incentives, Import duty, Tax Refund
Level: Level 3

Topic: Duty Drawbacks, International taxation
Series: MAY 2018

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

Question

The Government intends to drastically discourage the importation of television sets and rather create local demands for Osafo Electronics as part of efforts to “Grow Made in Ghana products.”

Additional information:

Rate of duty: 20%
Specific rate of duty: GHS80 per television set

Required:

i. Using the above, compute the taxes payable under both the ad valorem and specific methods.
(6 marks)

ii. Advise the government on which method would help achieve its intended action and why.
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ad Valorem tax, Government tax policy, Import duty, Specific tax rate, VAT
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

Question Tag: Import duty

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STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

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STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

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TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

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TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

You're reporting an error for "TF – May 2018 – L3 – Q5c – Tax administration in Ghana"

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

You're reporting an error for "AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax"

STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management

Advise Isak Esh Ltd on VAT responsibilities in Ghana.

You're reporting an error for "STP – Aug 2013 – L2 – Q5 – Strategic Indirect Tax Management"

TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement

Objective question about the import duty rate for live reptiles.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q14 – Tax Administration and Enforcement"

TF – May 2018 – L3 – Q5c – Tax administration in Ghana

Explanation of duty drawback and its types as a tax incentive for exporters.

You're reporting an error for "TF – May 2018 – L3 – Q5c – Tax administration in Ghana"

AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax

Calculating taxes payable under ad valorem and specific tax rate methods for imported television sets.

You're reporting an error for "AT – Nov 2015 – L3 – Q4a – Business income – Corporate income tax"

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