Registration – Knowsia

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

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

Question

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)

Answer

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Tags: Penalties, Registration, Tax Compliance, TIN
Level: Level 3

Topic: Tax Compliance Framework
Series: FEB 2017

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

Question

The Managing Director of EDVALLEY (Ghana) Limited, a newly registered company, has approached you to assist their company to comply with the Value Added Tax law in Ghana. They have asked you specifically to assist in the area of VAT Return and payment of the related tax.

Required:

a) Explain what VAT Returns are (4 Marks)

b) Advise the Managing Director company with respect to registration, submission of returns and the payment of the tax. (10 Marks)

c) A person with turnover below the registrable level could apply voluntarily to the Commissioner-General to be registered as a taxable person.

Required:

Outline the circumstances under which the Commissioner–General could refuse the request to register a taxable person. (6 Marks)

Answer

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Tags: Commissioner-General, Compliance, Registration, VAT
Level: Level 3

Topic: Indirect Taxes
Series: FEB 2017

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.

Question

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)

Answer

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Tags: Non-compliance, Penalties, Registration, Returns, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

Question

Which of the following information is NOT among the particulars required for the registration of a partnership?
A. The firm’s name
B. The general nature of the business
C. The full name of each partner
D. The details of each partner’s bank account
E. The principal place of business

Answer

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Tags: Business Law, Partnership, Registration
Level: Level 1

Topic: Partnership Law
Series: NOV 2012

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

Question

d) State the general rule on registration for VAT. (2 marks)

Answer

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Tags: Ghana Revenue Authority, Registration, Tax Compliance, Taxable Activity, VAT
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2019

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

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

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Penalties, Registration, Tax Compliance, TIN
Level: Level 3

Topic: Tax Compliance Framework
Series: FEB 2017

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

Question

Required:

a) Explain what VAT Returns are (4 Marks)

b) Advise the Managing Director company with respect to registration, submission of returns and the payment of the tax. (10 Marks)

c) A person with turnover below the registrable level could apply voluntarily to the Commissioner-General to be registered as a taxable person.

Required:

Outline the circumstances under which the Commissioner–General could refuse the request to register a taxable person. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Commissioner-General, Compliance, Registration, VAT
Level: Level 3

Topic: Indirect Taxes
Series: FEB 2017

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.

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Non-compliance, Penalties, Registration, Returns, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Partnership, Registration
Level: Level 1

Topic: Partnership Law
Series: NOV 2012

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

Question

d) State the general rule on registration for VAT. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Registration, Tax Compliance, Taxable Activity, VAT
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2019

Question Tag: Registration

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

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

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

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.

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

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

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

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

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.

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

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

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

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ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

You're reporting an error for "ATP – Feb 2017 – L3 – Q2 – VAT Returns"

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.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)"

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q16 – Partnership Law"

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

You're reporting an error for "TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures"

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

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

You're reporting an error for "ATP – Feb 2017 – L3 – Q4 – End of Service Benefit"

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

You're reporting an error for "ATP – Feb 2017 – L3 – Q2 – VAT Returns"

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.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)"

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q16 – Partnership Law"

TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures

Explain the general rule on registration for VAT.

You're reporting an error for "TX – May 2019 – L3 – Q4D – Anti-Avoidance Measures"

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