Levies – Knowsia

PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

Question

The cost of iron rods supplied by Akinto Steel Works Ltd to Oputu Construction Ltd is worth GH¢300,000 (inclusive of National Health Insurance Levy, Ghana Education Trust Fund Levy, COVID-19 Health Recovery Levy, and Value Added Tax).

Required:
Determine the Withholding Tax payable in respect of the contract for supplies. (5 marks)

Answer

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Tags: Contract for Supplies, COVID-19 Health Levy, Levies, National Health Insurance Levy, VAT, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2023

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
Level: Level 2

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

PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

Question

Required:
Determine the Withholding Tax payable in respect of the contract for supplies. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract for Supplies, COVID-19 Health Levy, Levies, National Health Insurance Levy, VAT, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2023

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
Level: Level 2

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

Question Tag: Levies

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PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

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PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

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PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties

Calculate the withholding tax payable for a contract including various levies and VAT.

You're reporting an error for "PT – Nov 2023 – L2 – Q5b – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties"

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