Question Tag: Penalties

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  • 20 Marks

ATP – Aug 2019 – L2 – Q3 – Corporate Tax and Penalties

Compute Yentua Limited’s 2018 tax liabilities, including penalties, using financial statement data.

Yentua Limited is a company registered in Ghana under the Companies Act 1963, Act 179 on 15th September 2017. It started operations on 1st October, 2017. The company buys metal scraps both from internal and external sources and sells to the iron rod manufacturers in Tema. The company was not registered with the Ghana Revenue Authority and therefore has never submitted any tax returns on its operations. The activities of the company came to light when a team of Revenue Officers from the Enforcement unit of the Ghana Revenue Authority met the Managing Director and his staff in full operation. The team educated the Managing Director and his management team on importance of payment of taxes and registering with the Ghana Revenue Authority and submitting the tax returns to the Authorities regularly. The Managing Director then presented Tax Credit Certificates (TCC) totalling GH¢ 134,000 and receipts for duties paid on imported goods as taxes paid and therefore claimed his company was tax compliant. The Managing Director later approached you as a Tax Practitioner to help the company complete its tax returns on its business operations to Ghana Revenue Authority. The extracts from the company’s financial statement presented by the Finance officer for the year ended 30th September 2018 were as follows:

Yentua Limited
Income Statement

GH¢ GH¢
Turnover 7,800,000.00
Cost of Sales (6,929,300.00)
Gross Profit 870,700.00
Administration and General Expenses (660,000.00)
Net Profit 90,000.00

Note 2: Cost of Sales

GH¢
Local Purchases 4,400,000.00
Imports 1,580,000.00
Freight and Insurance 98,500.00
Import Duties 436,000.00
Cargo Truck 240,000.00
Repairs and Maintenance 52,000.00
Depreciation – Truck 48,000.00
Fuel and Lubricants 24,000.00
Transport and Handling 50,800.00
Total 6,929,300.00

Note 3: Administration and General Expenses

GH¢
Salaries and Allowances 285,000.00
Directors Remuneration 64,000.00
Consultancy Fees 90,000.00
Printing and Stationery 10,500.00
Rent (Office Building) 60,000.00
Rent (Residential) 36,000.00
Equipment Rentals 79,000.00
Utilities 35,500.00
Total 660,000.00

Required:
Determine the tax liabilities due from the company in respect of direct taxes for 2018 year of assessment, including any relevant penalties that are applicable. Corporate Tax rate applicable to the company is 25%.

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  • 20 Marks

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

 

You are a Chartered Tax Practitioner in the employment of Owusu, Fianyo and Associates, a firm of Chartered Tax Practitioners. Owusu, Fianyo and Associates have acted as Tax Consultants to Sakaman Feed Millers Association, one of the firm’s biggest clients, which has increased in size and profitability over the past few years as a result of the policy of government to increase local production of chicken and to reduce its importation.

Mrs. Victoria Agbenyo, the Executive Secretary, is considering leaving the employment of Sakaman Feed Millers Association although she is yet to discuss this with her employer by the 31st December 2017. She joined the company on April 1, 2010. She intends to be a consultant in the Poultry Industry to members of the Association. She is yet to attain the compulsory retirement age and will be paid an end of service benefit of three month’s basic salary for every completed year of service. Her current annual basic salary is GH¢ 72,000.00. She is currently in the maximum individual tax rate.

Required:

a. Compute her liability, if any, on her End of Service benefit. (5 Marks)

b. Prepare guidelines for Mrs Victoria Agbenyo based on the following:

i. Show the relevant due dates for the payments of her tax liabilities and SSNIT contributions (5 Marks)

ii. Advise Mrs Victoria Agbenyo of any other tax administration requirements which her business will be required to comply with and the penalties for failing to comply. (11 Marks)

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  • 30 Marks

AT – Nov 2014 – L3 – SA – Q1 – Tax Administration and Dispute Resolution

Explain penalties for non-compliance, compute profit and tax liabilities, and detail exemptions from minimum tax liability.

The Tax Consultants, ABFR Consult, received an e-mail from Mrs. Deboh Komo, Managing Director of Deboko Nigeria Limited. Extracts of her e-mail are as follows:

  1. The company was incorporated on 1 February 2007.
  2. It commenced business as importers of new engines for tricycles on 1 May 2009.
  3. The Directors chose 30 June as the year-end and made the first financial statements up to 30 June 2010.
  4. The company did not file any tax returns to date due to a general lull in business activities.
  5. The tax monitoring section of the Federal Inland Revenue Service (FIRS) visited the company on 2 September 2014, uncovering non-compliance.
  6. No tax registration was done, and no returns were filed.
  7. The Accounts Officer advised the company to register for all statutory payments, including Value Added Tax (VAT) and Companies Income Tax, but the management delayed.
  8. The company pleaded for leniency, but the FIRS insisted on full compliance with tax laws.

Additional Information:

  1. Statement of Profit or Loss and Other Comprehensive Income:
Period Ended 30/06/13 (₦’000) 30/06/12 (₦’000) 30/06/11 (₦’000) 30/06/10 (₦’000)
Operating Profit/(Loss) 1,060 960 720 (504)
Depreciation 380 120 120 153
Staff Loans Written Off – – – 40
Stamp Duties on Incorporation – – – 16
Sales Tax 120 80 44 40
Donations to Christian Association 60 – – 10
Specific Bad Debts Written Off 28 – – 14
  1. Statement of Financial Position:
Item 30/06/13 (₦’000) 30/06/12 (₦’000) 30/06/11 (₦’000) 30/06/10 (₦’000)
Paid-Up Capital 30,000 15,000 15,000 15,000
Deposit for Shares 25,000 10,000 5,000 –
Net Assets 101,500 84,110 76,700 66,000
Revenue 210,500 180,400 162,000 104,000
Gross Profit 16,400 14,200 12,800 10,200
  1. Capital Allowances Agreed:
Year of Assessment 2014 2013 2012 2011 2010 2009
Capital Allowances 140 150 150 250 200 300

Requirement:

(a) Explain the penalties for late submission of annual returns to the FIRS. (4 Marks)

(b) Compute the Total Profit and Tax Liabilities of the company for the relevant years of assessment. (24 Marks)

(c) Explain the conditions for exemption from minimum tax liability under the Companies Income Tax Act CAP C21 LFN 2004 (as amended). (2 Marks)

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  • 7 Marks

PSAF – Nov 2023 – L2 – Q3c – Public Procurement and Contract Management

Details provisions and penalties under Financial Regulations to prevent and address delays in contract payments.

i. Identify TWO provisions of Financial Regulations which guide against the delay in contract payments. (3 Marks)

ii. Enumerate TWO punishments each that can be meted out to a government official and a legal person in case of delay in payment of contracts executed. (4 Marks)

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  • 20 Marks

PSAF – Nov 2015 – L2 – Q2 – Pension Accounting in the Public Sector

Analysis of pension misappropriation under the Pension Reform Act, detailing offences, penalties, and competent jurisdictions.

Mr. Betta Tomoro is a staff of Goodlife Local Government Council of Welfare State. He has been in the local government council’s employment for twenty-five (25) years. Recently, he attained the age of fifty-two (52) years. He had risen to the post of an Assistant Director on grade level 15, step 2. Mr. Betta Tomoro and his employer had contributed the sum of N8.5 million under the old Pension Scheme and Pension Reform Act 2014. Monthly contributions are sent to his Pension Fund Administrator (PFA), Diversity Pension Managers Limited.

It is the practice of the Pension Fund Administrator to send to Mr. Betta Tomoro the records of his pension on a monthly basis. However, in April 2015, no further record was received by Mr. Betta Tomoro concerning his pension fund. This resulted in his visit to the Pension Fund Administrator’s office to inquire about the sudden stoppage of his pension fund.

During cross-examination at the Court of Competent Jurisdiction to hear pension-related offences, it was found that five staff members of Diversity Pension Managers Limited had bought mansions in Victoria Garden City and other houses in London valued at N380 million. They jointly floated a company, Owo-mugun Limited, with all operational infrastructure in place, all valued at N175 million. They also had N18 million in various local and international bank accounts.

After two hearings on the allegations of criminal misappropriation of clients’ pension monies filed against these staff, judgment was reserved by the court for December 15, 2015.

Required:

a. In line with the Pension Reform Act 2014, identify TWO acts that constitute criminal offences.
(4 Marks)

b. If by December 15, 2015, the five staff are found guilty of misappropriation of clients’ pension fund, state THREE penalties provided to be imposed on them as per the Pension Reform Act 2014.
(6 Marks)

c. Identify THREE Courts of Competent Jurisdiction that can hear pension-related cases as provided in the Act.
(3 Marks)

d. If Mr. Betta Tomoro preferred to withdraw his service voluntarily from Goodlife Local Government Council at the age of forty-five (45) years, what provisions would be available to him concerning his pension contribution?
(3 Marks)

e. Assuming the prevailing interest rate is 21.5%, compute the total amount payable by the convicts (including interest) if the entire amount misappropriated is ordered to be refunded by the court.
(4 Marks)

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  • 15 Marks

TAX – Nov 2021 – L2 – Q5 – Companies Income Tax (CIT)

Explanation of documents required for tax registration, time lag for filing tax returns, and penalties for late filing of returns.

QUESTION 5
The Companies Income Tax Act Cap C21 LFN 2004 (as amended) empowers the
Federal Inland Revenue Service to assess the income of corporate organisations.
Corporate organisations are required to file tax returns within a specified period of
time to the relevant tax authority.
Required:
a. Explain the documents/information required to be forwarded to the relevant tax
authority when registering with the nearest integrated tax office. (5 Marks)
b. State the time lag for filing the first set of returns and subsequent ones.
(5 Marks)
c. State the penalty for late filing of tax returns on the due dates. (5 Marks)
(Total 15 Marks)

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  • 6 Marks

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

Explain the penalties associated with the following:

i. Failure to register for VAT return (2 Marks)
ii. Failure to notify the FIRS of change of address or cessation of trade or business (2 Marks)
iii. Failure to submit VAT returns (2 Marks)

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  • 10 Marks

PSAF – Nov 2021 – L2 – Q3b – Ethics and Integrity in Public Sector Financial Management

Discuss offences and their penalties under the Corrupt Practices and Other Related Offences Act 2000.

The Corrupt Practices and Other Related Offences Act 2000 gave birth to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Required:

Discuss FIVE offences as well as their penalties as contained in the Act.

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  • 8 Marks

TAX – May 2021 – L1 – SB – Q5a – Tax Administration and Enforcement

Identify offences and penalties under the Land Use Charge Law 2018.

In 2018, the 8th Assembly, House of Assembly, Lagos State, enacted the Land Use Charge Law 2018, to provide for the consolidation of property and land based charges and make provisions for the levying and collection of land use charge in Lagos State and for connected purposes.
Required:
State the offences and their penalties as stated in sections 29 and 30 of the law. (8 Marks)

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  • 1 Marks

TAX – May 2021 – L1 – SA – Q13 – Stamp Duties

Objective question about the functions of the Commissioner of Stamp Duties.

Which of the following is NOT a function of a Commissioner of Stamp Duties?
A. He is the administrative head of the department
B. He has the duties of assessing documents on appropriate duties and imposing penalties where applicable
C. Adjudication
D. Stamping or embossments
E. He varies the stamp duties rate from time to time to reflect realities

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  • 20 Marks

ATP – Aug 2019 – L2 – Q3 – Corporate Tax and Penalties

Compute Yentua Limited’s 2018 tax liabilities, including penalties, using financial statement data.

Yentua Limited is a company registered in Ghana under the Companies Act 1963, Act 179 on 15th September 2017. It started operations on 1st October, 2017. The company buys metal scraps both from internal and external sources and sells to the iron rod manufacturers in Tema. The company was not registered with the Ghana Revenue Authority and therefore has never submitted any tax returns on its operations. The activities of the company came to light when a team of Revenue Officers from the Enforcement unit of the Ghana Revenue Authority met the Managing Director and his staff in full operation. The team educated the Managing Director and his management team on importance of payment of taxes and registering with the Ghana Revenue Authority and submitting the tax returns to the Authorities regularly. The Managing Director then presented Tax Credit Certificates (TCC) totalling GH¢ 134,000 and receipts for duties paid on imported goods as taxes paid and therefore claimed his company was tax compliant. The Managing Director later approached you as a Tax Practitioner to help the company complete its tax returns on its business operations to Ghana Revenue Authority. The extracts from the company’s financial statement presented by the Finance officer for the year ended 30th September 2018 were as follows:

Yentua Limited
Income Statement

GH¢ GH¢
Turnover 7,800,000.00
Cost of Sales (6,929,300.00)
Gross Profit 870,700.00
Administration and General Expenses (660,000.00)
Net Profit 90,000.00

Note 2: Cost of Sales

GH¢
Local Purchases 4,400,000.00
Imports 1,580,000.00
Freight and Insurance 98,500.00
Import Duties 436,000.00
Cargo Truck 240,000.00
Repairs and Maintenance 52,000.00
Depreciation – Truck 48,000.00
Fuel and Lubricants 24,000.00
Transport and Handling 50,800.00
Total 6,929,300.00

Note 3: Administration and General Expenses

GH¢
Salaries and Allowances 285,000.00
Directors Remuneration 64,000.00
Consultancy Fees 90,000.00
Printing and Stationery 10,500.00
Rent (Office Building) 60,000.00
Rent (Residential) 36,000.00
Equipment Rentals 79,000.00
Utilities 35,500.00
Total 660,000.00

Required:
Determine the tax liabilities due from the company in respect of direct taxes for 2018 year of assessment, including any relevant penalties that are applicable. Corporate Tax rate applicable to the company is 25%.

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  • 20 Marks

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

 

You are a Chartered Tax Practitioner in the employment of Owusu, Fianyo and Associates, a firm of Chartered Tax Practitioners. Owusu, Fianyo and Associates have acted as Tax Consultants to Sakaman Feed Millers Association, one of the firm’s biggest clients, which has increased in size and profitability over the past few years as a result of the policy of government to increase local production of chicken and to reduce its importation.

Mrs. Victoria Agbenyo, the Executive Secretary, is considering leaving the employment of Sakaman Feed Millers Association although she is yet to discuss this with her employer by the 31st December 2017. She joined the company on April 1, 2010. She intends to be a consultant in the Poultry Industry to members of the Association. She is yet to attain the compulsory retirement age and will be paid an end of service benefit of three month’s basic salary for every completed year of service. Her current annual basic salary is GH¢ 72,000.00. She is currently in the maximum individual tax rate.

Required:

a. Compute her liability, if any, on her End of Service benefit. (5 Marks)

b. Prepare guidelines for Mrs Victoria Agbenyo based on the following:

i. Show the relevant due dates for the payments of her tax liabilities and SSNIT contributions (5 Marks)

ii. Advise Mrs Victoria Agbenyo of any other tax administration requirements which her business will be required to comply with and the penalties for failing to comply. (11 Marks)

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  • 30 Marks

AT – Nov 2014 – L3 – SA – Q1 – Tax Administration and Dispute Resolution

Explain penalties for non-compliance, compute profit and tax liabilities, and detail exemptions from minimum tax liability.

The Tax Consultants, ABFR Consult, received an e-mail from Mrs. Deboh Komo, Managing Director of Deboko Nigeria Limited. Extracts of her e-mail are as follows:

  1. The company was incorporated on 1 February 2007.
  2. It commenced business as importers of new engines for tricycles on 1 May 2009.
  3. The Directors chose 30 June as the year-end and made the first financial statements up to 30 June 2010.
  4. The company did not file any tax returns to date due to a general lull in business activities.
  5. The tax monitoring section of the Federal Inland Revenue Service (FIRS) visited the company on 2 September 2014, uncovering non-compliance.
  6. No tax registration was done, and no returns were filed.
  7. The Accounts Officer advised the company to register for all statutory payments, including Value Added Tax (VAT) and Companies Income Tax, but the management delayed.
  8. The company pleaded for leniency, but the FIRS insisted on full compliance with tax laws.

Additional Information:

  1. Statement of Profit or Loss and Other Comprehensive Income:
Period Ended 30/06/13 (₦’000) 30/06/12 (₦’000) 30/06/11 (₦’000) 30/06/10 (₦’000)
Operating Profit/(Loss) 1,060 960 720 (504)
Depreciation 380 120 120 153
Staff Loans Written Off – – – 40
Stamp Duties on Incorporation – – – 16
Sales Tax 120 80 44 40
Donations to Christian Association 60 – – 10
Specific Bad Debts Written Off 28 – – 14
  1. Statement of Financial Position:
Item 30/06/13 (₦’000) 30/06/12 (₦’000) 30/06/11 (₦’000) 30/06/10 (₦’000)
Paid-Up Capital 30,000 15,000 15,000 15,000
Deposit for Shares 25,000 10,000 5,000 –
Net Assets 101,500 84,110 76,700 66,000
Revenue 210,500 180,400 162,000 104,000
Gross Profit 16,400 14,200 12,800 10,200
  1. Capital Allowances Agreed:
Year of Assessment 2014 2013 2012 2011 2010 2009
Capital Allowances 140 150 150 250 200 300

Requirement:

(a) Explain the penalties for late submission of annual returns to the FIRS. (4 Marks)

(b) Compute the Total Profit and Tax Liabilities of the company for the relevant years of assessment. (24 Marks)

(c) Explain the conditions for exemption from minimum tax liability under the Companies Income Tax Act CAP C21 LFN 2004 (as amended). (2 Marks)

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  • 7 Marks

PSAF – Nov 2023 – L2 – Q3c – Public Procurement and Contract Management

Details provisions and penalties under Financial Regulations to prevent and address delays in contract payments.

i. Identify TWO provisions of Financial Regulations which guide against the delay in contract payments. (3 Marks)

ii. Enumerate TWO punishments each that can be meted out to a government official and a legal person in case of delay in payment of contracts executed. (4 Marks)

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  • 20 Marks

PSAF – Nov 2015 – L2 – Q2 – Pension Accounting in the Public Sector

Analysis of pension misappropriation under the Pension Reform Act, detailing offences, penalties, and competent jurisdictions.

Mr. Betta Tomoro is a staff of Goodlife Local Government Council of Welfare State. He has been in the local government council’s employment for twenty-five (25) years. Recently, he attained the age of fifty-two (52) years. He had risen to the post of an Assistant Director on grade level 15, step 2. Mr. Betta Tomoro and his employer had contributed the sum of N8.5 million under the old Pension Scheme and Pension Reform Act 2014. Monthly contributions are sent to his Pension Fund Administrator (PFA), Diversity Pension Managers Limited.

It is the practice of the Pension Fund Administrator to send to Mr. Betta Tomoro the records of his pension on a monthly basis. However, in April 2015, no further record was received by Mr. Betta Tomoro concerning his pension fund. This resulted in his visit to the Pension Fund Administrator’s office to inquire about the sudden stoppage of his pension fund.

During cross-examination at the Court of Competent Jurisdiction to hear pension-related offences, it was found that five staff members of Diversity Pension Managers Limited had bought mansions in Victoria Garden City and other houses in London valued at N380 million. They jointly floated a company, Owo-mugun Limited, with all operational infrastructure in place, all valued at N175 million. They also had N18 million in various local and international bank accounts.

After two hearings on the allegations of criminal misappropriation of clients’ pension monies filed against these staff, judgment was reserved by the court for December 15, 2015.

Required:

a. In line with the Pension Reform Act 2014, identify TWO acts that constitute criminal offences.
(4 Marks)

b. If by December 15, 2015, the five staff are found guilty of misappropriation of clients’ pension fund, state THREE penalties provided to be imposed on them as per the Pension Reform Act 2014.
(6 Marks)

c. Identify THREE Courts of Competent Jurisdiction that can hear pension-related cases as provided in the Act.
(3 Marks)

d. If Mr. Betta Tomoro preferred to withdraw his service voluntarily from Goodlife Local Government Council at the age of forty-five (45) years, what provisions would be available to him concerning his pension contribution?
(3 Marks)

e. Assuming the prevailing interest rate is 21.5%, compute the total amount payable by the convicts (including interest) if the entire amount misappropriated is ordered to be refunded by the court.
(4 Marks)

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  • 15 Marks

TAX – Nov 2021 – L2 – Q5 – Companies Income Tax (CIT)

Explanation of documents required for tax registration, time lag for filing tax returns, and penalties for late filing of returns.

QUESTION 5
The Companies Income Tax Act Cap C21 LFN 2004 (as amended) empowers the
Federal Inland Revenue Service to assess the income of corporate organisations.
Corporate organisations are required to file tax returns within a specified period of
time to the relevant tax authority.
Required:
a. Explain the documents/information required to be forwarded to the relevant tax
authority when registering with the nearest integrated tax office. (5 Marks)
b. State the time lag for filing the first set of returns and subsequent ones.
(5 Marks)
c. State the penalty for late filing of tax returns on the due dates. (5 Marks)
(Total 15 Marks)

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  • 6 Marks

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

Explain the penalties associated with the following:

i. Failure to register for VAT return (2 Marks)
ii. Failure to notify the FIRS of change of address or cessation of trade or business (2 Marks)
iii. Failure to submit VAT returns (2 Marks)

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  • 10 Marks

PSAF – Nov 2021 – L2 – Q3b – Ethics and Integrity in Public Sector Financial Management

Discuss offences and their penalties under the Corrupt Practices and Other Related Offences Act 2000.

The Corrupt Practices and Other Related Offences Act 2000 gave birth to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Required:

Discuss FIVE offences as well as their penalties as contained in the Act.

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  • 8 Marks

TAX – May 2021 – L1 – SB – Q5a – Tax Administration and Enforcement

Identify offences and penalties under the Land Use Charge Law 2018.

In 2018, the 8th Assembly, House of Assembly, Lagos State, enacted the Land Use Charge Law 2018, to provide for the consolidation of property and land based charges and make provisions for the levying and collection of land use charge in Lagos State and for connected purposes.
Required:
State the offences and their penalties as stated in sections 29 and 30 of the law. (8 Marks)

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  • 1 Marks

TAX – May 2021 – L1 – SA – Q13 – Stamp Duties

Objective question about the functions of the Commissioner of Stamp Duties.

Which of the following is NOT a function of a Commissioner of Stamp Duties?
A. He is the administrative head of the department
B. He has the duties of assessing documents on appropriate duties and imposing penalties where applicable
C. Adjudication
D. Stamping or embossments
E. He varies the stamp duties rate from time to time to reflect realities

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