Question Tag: Licensing

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  • 20 Marks

ATP – Aug 2019 – L2 – Q4 – Notice of Assessmen

Explain Commissioner-General’s rights to issue Notice of Assessment and its contents.

a). You are a trainee in the office in Brown Green and Associates, a firm of Tax Practitioners. A gentleman, identified later as Mr Kwesi Sikasem walked in to the office fuming with anger saying that he had received a Notice of Assessment from the Ghana Revenue Authority demanding the payment of a total tax liability of 1.2 million Ghana cedis for 2017 and 2018 Years of Assessment. In the course of discussion you realised that he has been in business since October 2016.

Required:

Explain to Mr Kwesi Sikasem the rights of the Commissioner-General to issue a Notice of Assessment and state what is expected in a Notice of Assessment.

b). Mr Thomas Smith a retired employee of the US Border Security has approached you seek your advice on the possibility of forming a company as a Customs House Agent in Tema.

Required:

With reference to the Customs Act, 2015 (Act 891) as amended, advise Mr Thomas Smith on the categories of persons that can engage in the business of customs house agent

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  • 20 Marks

ATP – Aug 2020 – L2 – Q5 – Tax Compliance Framework

Explain Self-Assessment and Provisional Assessment in tax administration.

a) The Government of Ghana has changed the policy to “Self-Assessment” as a means to improve on revenue mobilisation as against the policy of “Provisional Assessment”. Explain the terms “Self-Assessment” and “Provisional Assessment” in tax administration.

b) Discuss the rationale for the moving away from Provisional Assessment to Self-Assessment.

c) Adebayo Adadeji has operated as Customs House Agent in Lagos over the years and has decided to take advantage of the common currency due to be introduced into the ECOWAS region. He has approached you to seek your advice as Chartered Tax Consultant on the possibility of forming a company as a Customs House Agent in Tema. With reference to the Customs Act, 2015 (Act 891) as amended, you are required to advise him on the categories of persons that can engage in the business of customs house agent.

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  • 7 Marks

FR – Nov 2024 – L2 – Q2c – Intangible Assets and Their Measurement

Determining the correct accounting treatment for various intangible assets in Dolo LTD's financial statements, including licensing, software, and book rights.

Question:

Dolo LTD, a market leader in the pharmaceutical industry, incurred the following expenditures during the financial year ended 31 December 2023:

Expenditure Item Amount (GH¢’000) Additional Information
Licence to operate in the pharmaceutical industry (10-year validity from January 2023) 200 Intangible asset
Costs incurred in setting up a website for a new product 20 The website will be developed in 2024
Purchase of 295 personal computers on 1 July 2023 (three-year useful life) 840 Excludes software costs
Windows operating system (for 295 PCs) 530 Perpetual software license
Microsoft Office software (for 295 PCs) 24 Three-year software license
Induction training for new staff 430 Staff training for new hires
Book rights purchased from another entity a few years ago 90 The rights have an indefinite useful life
Independent valuation of book rights as of 31 Dec 2023 240 Valued by an independent expert

Dolo LTD’s policy is to use the revaluation model for intangible assets where a market valuation is available.

Required:
Determine the carrying amount of intangible assets at 31 December 2023, in accordance with IAS 38 – Intangible Assets and IFRS.

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  • 6 Marks

AFM – Nov 2016 – L3 – Q2b – International investment and financing decisions

Compare the advantages and disadvantages of setting up a subsidiary versus licensing for KK Chemicals and suggest ways to mitigate blocked funds risk.

KK Chemicals Ltd, an Accra-based manufacturer of paints, sells its products only in Ghana. Currently, the company wants to expand into other African countries. The directors are considering two options: setting up its own subsidiary company to manufacture and sell the products or licensing a company based in the host country to manufacture and sell the products.

Required:
i) Advise the directors on TWO potential advantages and TWO disadvantages to KK Chemicals of setting up its own subsidiary company to handle production and sale in the host country as against licensing a company in the host country. (4 marks)

ii) Suppose KK Chemicals elects to set up a subsidiary in the host country. Suggest to the directors TWO ways of dealing with the risk of blocked funds. (2 marks)

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  • 10 Marks

AFM – May 2019 – L3 – Q1a – Economic environment for multinational organisations

Compare joint ventures and licensing for foreign expansion and explain five strategic reasons for a firm to engage in FDI.

“Oil-rich Ghana’s sovereign wealth fund Ghana Development Board (GDB) has already invested in a number of real estate and infrastructure projects around the world, including a $2.5 billion joint venture with Petro Nigeria Ltd and a scheme to create a carbon-neutral city in Ghana”.

Required:

i) Compare the use of joint ventures as opposed to licensing for GDB if it wishes to expand abroad and outline the advantages and disadvantages of both joint ventures and licensing. (5 marks)

ii) Explain FIVE (5) strategic reasons for Foreign Direct Investment (FDI), for a firm wishing to expand. (5 marks)

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  • 20 Marks

ATP – Aug 2019 – L2 – Q4 – Notice of Assessmen

Explain Commissioner-General’s rights to issue Notice of Assessment and its contents.

a). You are a trainee in the office in Brown Green and Associates, a firm of Tax Practitioners. A gentleman, identified later as Mr Kwesi Sikasem walked in to the office fuming with anger saying that he had received a Notice of Assessment from the Ghana Revenue Authority demanding the payment of a total tax liability of 1.2 million Ghana cedis for 2017 and 2018 Years of Assessment. In the course of discussion you realised that he has been in business since October 2016.

Required:

Explain to Mr Kwesi Sikasem the rights of the Commissioner-General to issue a Notice of Assessment and state what is expected in a Notice of Assessment.

b). Mr Thomas Smith a retired employee of the US Border Security has approached you seek your advice on the possibility of forming a company as a Customs House Agent in Tema.

Required:

With reference to the Customs Act, 2015 (Act 891) as amended, advise Mr Thomas Smith on the categories of persons that can engage in the business of customs house agent

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  • 20 Marks

ATP – Aug 2020 – L2 – Q5 – Tax Compliance Framework

Explain Self-Assessment and Provisional Assessment in tax administration.

a) The Government of Ghana has changed the policy to “Self-Assessment” as a means to improve on revenue mobilisation as against the policy of “Provisional Assessment”. Explain the terms “Self-Assessment” and “Provisional Assessment” in tax administration.

b) Discuss the rationale for the moving away from Provisional Assessment to Self-Assessment.

c) Adebayo Adadeji has operated as Customs House Agent in Lagos over the years and has decided to take advantage of the common currency due to be introduced into the ECOWAS region. He has approached you to seek your advice as Chartered Tax Consultant on the possibility of forming a company as a Customs House Agent in Tema. With reference to the Customs Act, 2015 (Act 891) as amended, you are required to advise him on the categories of persons that can engage in the business of customs house agent.

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  • 7 Marks

FR – Nov 2024 – L2 – Q2c – Intangible Assets and Their Measurement

Determining the correct accounting treatment for various intangible assets in Dolo LTD's financial statements, including licensing, software, and book rights.

Question:

Dolo LTD, a market leader in the pharmaceutical industry, incurred the following expenditures during the financial year ended 31 December 2023:

Expenditure Item Amount (GH¢’000) Additional Information
Licence to operate in the pharmaceutical industry (10-year validity from January 2023) 200 Intangible asset
Costs incurred in setting up a website for a new product 20 The website will be developed in 2024
Purchase of 295 personal computers on 1 July 2023 (three-year useful life) 840 Excludes software costs
Windows operating system (for 295 PCs) 530 Perpetual software license
Microsoft Office software (for 295 PCs) 24 Three-year software license
Induction training for new staff 430 Staff training for new hires
Book rights purchased from another entity a few years ago 90 The rights have an indefinite useful life
Independent valuation of book rights as of 31 Dec 2023 240 Valued by an independent expert

Dolo LTD’s policy is to use the revaluation model for intangible assets where a market valuation is available.

Required:
Determine the carrying amount of intangible assets at 31 December 2023, in accordance with IAS 38 – Intangible Assets and IFRS.

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  • 6 Marks

AFM – Nov 2016 – L3 – Q2b – International investment and financing decisions

Compare the advantages and disadvantages of setting up a subsidiary versus licensing for KK Chemicals and suggest ways to mitigate blocked funds risk.

KK Chemicals Ltd, an Accra-based manufacturer of paints, sells its products only in Ghana. Currently, the company wants to expand into other African countries. The directors are considering two options: setting up its own subsidiary company to manufacture and sell the products or licensing a company based in the host country to manufacture and sell the products.

Required:
i) Advise the directors on TWO potential advantages and TWO disadvantages to KK Chemicals of setting up its own subsidiary company to handle production and sale in the host country as against licensing a company in the host country. (4 marks)

ii) Suppose KK Chemicals elects to set up a subsidiary in the host country. Suggest to the directors TWO ways of dealing with the risk of blocked funds. (2 marks)

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  • 10 Marks

AFM – May 2019 – L3 – Q1a – Economic environment for multinational organisations

Compare joint ventures and licensing for foreign expansion and explain five strategic reasons for a firm to engage in FDI.

“Oil-rich Ghana’s sovereign wealth fund Ghana Development Board (GDB) has already invested in a number of real estate and infrastructure projects around the world, including a $2.5 billion joint venture with Petro Nigeria Ltd and a scheme to create a carbon-neutral city in Ghana”.

Required:

i) Compare the use of joint ventures as opposed to licensing for GDB if it wishes to expand abroad and outline the advantages and disadvantages of both joint ventures and licensing. (5 marks)

ii) Explain FIVE (5) strategic reasons for Foreign Direct Investment (FDI), for a firm wishing to expand. (5 marks)

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