NHIL – Knowsia

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Menuaa Manufacturing Limited (MML) produces iron rods for sale in both the domestic and foreign markets. The company is registered with the Ghana Revenue Authority for Value Added Tax (VAT). The company’s transactions during the month of October 2018 were as follows:

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

Unless otherwise stated Sales and Purchases are all Value Added Tax exclusive. National Health Insurance and GET Fund Levies are also exclusive except where it has been specifically stated.
Required:
a. You are required to calculate the NHIL and GET fund levies, VAT payable, if any, and Withholding Tax for October 2018.

b. State the last date when each payment is due.

Answer

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Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

Question

a) Nyameaye Limited is a company registered under the Companies Act 1963, Act 179 and has been in consultancy business over the years. The company has been registered to operate as a Value Added Tax (VAT) registered company, since it deals in both taxable and non-taxable supplies.

The company’s operations for January, 2019 were as follows:

	GH¢
Total value of taxable supplies invoiced (VAT inclusive)	4,353,372
Input Tax on Taxable Supplies	460,317
Value of Exempt Supplies	360,000
Purchase of double cabin Toyota Pick Up (VAT exclusive)	240,000
Value of relief Supplies	108,400

Your review of the invoices showed that VAT and other levies on the Toyota pick-up and hotel bills of GH¢1,880.00 were included in the Input Tax on Taxable supplies.

Required:
Compute the GET Fund Levy, National Health Insurance Levy (NHIL) and VAT payable for the month of January, 2019.

b)i. State and explain the treatments of transactions and filing of returns in respect of the following legislations: Value Added Tax Act, (Act 870); GET Fund levy Act, 2000 (Act 581) and National Health Insurance Levy Act, 2003 (Act 650).

ii. Concisely, outline how taxes are computed and filed under the following Amendment Acts: VAT (Amendment) Acts, 2018 (Act 970), and National Health Insurance Levy (Amendment) Act, 2018 (Act 971); GET Fund (Amendment) Act, 2018 (Act 972).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amendments, GET Fund, NHIL, Tax Returns, VAT Act
Level: Level 2

Topic: Indirect Taxes
Series: FEB 2020

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Question

N&L Associates, an accounting firm, issued an invoice to a withholding VAT agent for GH¢250,000 (including VAT, GETFund Levy, NHIL, and COVID-19 Levy) for assurance services provided to a client in March 2024. These were the only services provided by the firm during the period, and payments are to be made within the same period.

Required:

i) Calculate the portion of the GETFund Levy, NHIL, and COVID-19 Levy that the agent must compute for the payment of the services rendered. (3 marks)
ii) Determine the output VAT to be reported on the accounting firm’s monthly VAT return.
iii) Compute the withholding VAT to be withheld if N&L Associates are VAT withholding agents.
iv) Calculate the tax payable by the accounting firm if the total input tax for the period amounts to GH¢7,200.

Answer

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Tags: Accounting Firms, Covid-19 Levy, GETFund Levy, NHIL, Output VAT, Tax computation, Tax Liability, Withholding VAT
Level: Level 2

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

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

Question

Kingsly Atakora is a postpaid customer of MTN Ghana Ltd. He received his July 2022 billing from MTN Ghana Ltd amounting to GH¢3,121 inclusive of all taxes and levies. He is worried about the amount charged for his telephone usage for the month and wants to know the tax composition in the charge.

Required:
Compute the amounts of the following taxes included in the bill for July 2022:
i) VAT
ii) National Health Insurance Levy (NHIL)
iii) Ghana Education Trust Fund Levy (GETL)
iv) Covid-19 Levy
v) Communication Service Tax (CST)

Answer

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Tags: Covid-19 Levy, CST, GETFund Levy, NHIL, Tax computation, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: JULY 2023

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

Question

XYZ Ltd is into mobile telecommunication and manufactures scratch cards among other products for sale. In October 2017, it sold scratch cards amounting to GH¢3,000,000 to the public. XYZ Ltd intends to appoint you as acting assistant accountant pending confirmation after successfully completing your ICAG examinations. As part of the engagement, you are to assist the Company file its returns with the Ghana Revenue Authority.

Required:
Compute the following taxes from the above data to aid the filing.

i) Communication Service Tax (CST)
ii) Value Added Tax (VAT)
iii) National Health Insurance Levy (NHIL)

Answer

Find Related Questions by Tags, levels, etc.

Tags: CST, Mobile Telecommunication, NHIL, Scratch Cards, Tax computation, VAT
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2018

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

b. State the last date when each payment is due.

Answer

Find Related Questions by Tags, levels, etc.

Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

Question

The company’s operations for January, 2019 were as follows:

	GH¢
Total value of taxable supplies invoiced (VAT inclusive)	4,353,372
Input Tax on Taxable Supplies	460,317
Value of Exempt Supplies	360,000
Purchase of double cabin Toyota Pick Up (VAT exclusive)	240,000
Value of relief Supplies	108,400

Your review of the invoices showed that VAT and other levies on the Toyota pick-up and hotel bills of GH¢1,880.00 were included in the Input Tax on Taxable supplies.

Required:
Compute the GET Fund Levy, National Health Insurance Levy (NHIL) and VAT payable for the month of January, 2019.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amendments, GET Fund, NHIL, Tax Returns, VAT Act
Level: Level 2

Topic: Indirect Taxes
Series: FEB 2020

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Firms, Covid-19 Levy, GETFund Levy, NHIL, Output VAT, Tax computation, Tax Liability, Withholding VAT
Level: Level 2

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

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Covid-19 Levy, CST, GETFund Levy, NHIL, Tax computation, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: JULY 2023

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

Question

Required:
Compute the following taxes from the above data to aid the filing.

i) Communication Service Tax (CST)
ii) Value Added Tax (VAT)
iii) National Health Insurance Levy (NHIL)

Answer

Find Related Questions by Tags, levels, etc.

Tags: CST, Mobile Telecommunication, NHIL, Scratch Cards, Tax computation, VAT
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2018

Question Tag: NHIL

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

You're reporting an error for "ATP – Aug 2019 – L2 – Q2 – Indirect Taxes"

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

You're reporting an error for "ATP – Feb 2020 – L2 – Q1 – Indirect Taxes"

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

You're reporting an error for "PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation"

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

You're reporting an error for "PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties"

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

You're reporting an error for "TF – May 2018 – L3 – Q4d – Business income – Corporate income tax"

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

You're reporting an error for "ATP – Aug 2019 – L2 – Q2 – Indirect Taxes"

ATP – Feb 2020 – L2 – Q1 – Indirect Taxes

Compute GET Fund, NHIL, and VAT payable for Nyameaye Limited for January 2019.

You're reporting an error for "ATP – Feb 2020 – L2 – Q1 – Indirect Taxes"

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

You're reporting an error for "PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation"

PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Breakdown of VAT and other taxes included in a phone bill using a given total amount.

You're reporting an error for "PT – July 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties"

TF – May 2018 – L3 – Q4d – Business income – Corporate income tax

Calculate taxes for CST, VAT, and NHIL from scratch card sales data.

You're reporting an error for "TF – May 2018 – L3 – Q4d – Business income – Corporate income tax"

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