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In 2009, the former revenue agencies (VAT, IRS, and CEPS) were consolidated into the Ghana Revenue Authority (GRA). This integration was anticipated to provide certain benefits to both taxpayers and the overall tax administration.
Required:
State FOUR benefits resulting from the integration of the revenue agencies into the GRA
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Nigeria is generally described as a Federation with three levels of government with varying but sometimes overlapping tax powers.
Required:
a. Explain the term “Fiscal Federalism” and give examples of other countries that may be described as a Federation. (6 Marks)
b. Discuss briefly the following:
i. Roles of the three tiers of government. (3 Marks)
ii. Structure and tax rights of different levels of government. (3 Marks)
iii. Functions of the various tax administrative organs at the State government level. (3 Marks)
c. Articulate the causes and possible remedies of multiple taxation in Nigeria. (5 Marks)
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Professional accountants engaged in tax practice or tax administration are often confronted with challenges due to the changing operating environment, particularly disruptive technologies. While clients demand cutting-edge services, many tax administrators in Nigeria still carry out their work manually.
In a seminar organised by ICAN, you highlighted that leveraging information technology could help tax practitioners and administrators enhance their work and remain relevant in today’s dynamic environment.
After the seminar, a principal partner of a traditional accounting firm approached you to organise a two-day in-house training for his staff on “Technological tools, impact, and challenges to tax practice and administration.”
Prepare a paper focusing on the following areas:
a. Identification and explanation of FOUR technology-driven tools that tax practitioners and administrators could use to enhance their work and reporting (8 Marks).
b. The impact of the identified technology-driven tools on tax practice and administration (8 Marks).
c. Challenges of technology-driven tools to tax practice and administration (4 Marks).
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In line with the provisions of the revised National Tax Policy (NTP) in 2017, explain the roles and responsibilities of the following stakeholders:
i. The government (3 Marks)
ii. The taxpayers (3 Marks)
iii. Revenue agencies (3 Marks)
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Osondu Bako Company Limited has been in business for many years as a general business entrepreneur.
The Company prepares its accounts to 31 December of every year. The Company, however, submitted its audited Financial Statements for the year ended 31 December 2012 on 27 May 2013.
The Company applied for a Tax Clearance Certificate on 26 August 2014, but the issuance of the certificate was delayed by the Revenue. Instead of issuing the Tax Clearance Certificate, a Best of Judgment assessment of N3,450,000 was raised on the company.
The date on the Notice of Assessment was 30 May 2014, but it was served on the company on 31 August 2014.
Stated below is information relating to the financial statements of the company for the year ended 31 December 2012:
| Financial Statement Item | Naira (N’000) |
|---|---|
| Profit per Accounts | 3,400 |
| Depreciation | 380 |
| Capital Allowances agreed with Revenue | 590 |
| Revenue | 12,050 |
| Net Assets | 8,400 |
| Gross Profit | 960 |
| Share Capital | 10,000 |
The company paid all the tax liabilities. Despite this, the Chief Executive Officer was surprised and concerned upon receiving the Notice of Best of Judgment Assessment from the tax authority. Consequently, you have been engaged by the company as a Tax Consultant.
You are required to:
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Under the national tax policy (NTP), 2017, which of the following is NOT a specific responsibility of all levels and arms of government?
A. Implement and regularly review tax policies and laws
B. Provide information on all revenues collected on a quarterly basis
C. Ensure adequate funding, administrative and operational autonomy of tax authorities
D. Ensure that aspiring political office holders clearly understand the tax policy and the Nigerian tax system and are able to articulate their plans for the tax system for which they will be held accountable
E. Ensure a reasonable transition period of between three and six months before implementation of a new tax
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The management board of the Federal Inland Revenue Service is known as:
A. Federal Inland Revenue Service Board
B. Federal Internal Revenue Service Board
C. Board of Federal Inland Revenue Service
D. Board of Federal Revenue Service
E. Federal Board of Inland Revenue Service
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The Technical Committee of the Federal Inland Revenue Service Board (FIRSB) is composed of the following members, EXCEPT:
A. The Executive Chairman of Federal Inland Revenue Service (FIRS)
B. All directors and heads of department of FIRS
C. The Legal Adviser to FIRS
D. Secretary to FIRSB
E. Director, Federal Ministry of Finance
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The tax system in Nigeria has been reviewed in recent times with a view to ensuring ease of doing business in Nigeria, among other things. With the enactments of Finance Acts 2019 and 2020, many enabling Acts were amended.
The tax system usually involves a tripartite aspect, namely, the tax policy, tax law, and tax administration.
Required:
a. Explain tax policy. (5 Marks)
b. State notable tax legislations. (5 Marks)
c. State the bodies charged with the administration of taxes in Nigeria. (5 Marks)
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You are a student of taxation at Ebeyeyie Tax Education Institute. You have been contacted for tax advice by Ekumfi Fruit Processing Ghana Ltd. The company produces various kinds of fruit juices for both local and foreign markets. The Finance Director recently learned that the company can apply for VAT refund from the Ghana Revenue Authority (GRA) and has approached you for advice.
Required:
Advise the company on SIX (6) conditions that must be satisfied before the GRA may refund the excess VAT Input Tax to the company under the Value Added Tax Act, 2013 (Act 870), as amended. (9 marks)
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Financial responsibility is a core component of decentralization. If local governments are to carry out decentralized functions effectively, they must have an adequate level of revenues either raised locally or transferred from the central government. In Ghana, one medium for intergovernmental fiscal transfers is the District Assembly Common Fund.
Required:
Explain briefly what the District Assembly Common Fund is and state FOUR (4) functions of the District Assembly Common Fund.
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The Board of Ghana Revenue Authority is to ensure the proper and effective performance of the functions of the Ghana Revenue Authority.
i) Describe THREE (3) functions of the Board of Ghana Revenue Authority. (3 marks)
ii) State TWO (2) functions performed by the Commissioner-General of the Ghana Revenue Authority. (2 marks)
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The erstwhile revenue agencies (VAT, IRS & CEPS) were integrated into the Ghana Revenue Authority (GRA) in 2009. It was envisaged that the integration of the Revenue Agencies would bring certain benefits to taxpayers and tax administration.
Required:
State FIVE (5) of such benefits. (5 marks)
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The Ghana Revenue Authority is made up of two operational divisions: Domestic Tax Revenue Division (DTRD) and Customs Division (CD) with assistance from the Support Services Division (SSD).
Required:
In reference to the statement above, state FIVE (5) direct taxes administered by the Domestic Tax Revenue Division of the Ghana Revenue Authority. (5 marks)
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In recent years, the Ghana Revenue Authority (GRA) has embarked on some tax administrative reforms. One of the key administrative reforms is the merger of the Medium Taxpayer Office (MTO) and Small Taxpayer Office (STO) systems in the management of taxpayers, which has resulted in the introduction of the Taxpayer Services Centres (TSCs) concept whereby taxpayers are migrated to tax offices closer to their business locations, irrespective of their turnovers.
Required:
i) Explain TWO (2) benefits of the new tax administration reform to the taxpayer. (2 marks)
ii) Explain THREE (3) benefits of the new tax administration reform to the GRA. (3 marks)
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As part of efficient tax administration, taxpayers have been segmented into Large Taxpayers, Medium Taxpayers, and Small Taxpayers by the Ghana Revenue Authority. In the view of tax reformers, taxpayer segmentation is the way to go in order to grow revenue.
Required:
What purpose does this segmentation seek to achieve?
(4 marks)
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The Ghana Revenue Authority Act, 2009 (Act 791) provides certain objectives to be achieved by the Ghana Revenue Authority (GRA) in the performance of its functions.
Required:
Identify FIVE functions that are to be performed by GRA to achieve its objectives.
(5 marks)
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Mmabia University has written to a financial consultancy firm you work for requesting for a clarification in respect of the taxability or otherwise of its profits. The Financial Controller Bubu Moon signed the letter. It indicated that per the University’s understanding, Mmabia is not liable to tax as Government has amended the laws exempting private universities from payment of taxes.
The Financial Controller indicated in his letter that the response from your firm would be shared with other universities to take note also.
The Manager in charge of tax has invited you as his team member to respond to this request for clarification on the matter as expressed by Mmabia University to help clarify the matter better.
Required: Write a response on the clarification setting straight the tax provision on the matter and also, comment on the decision to share the response with other universities.
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Ghana Union Traders Association (GUTA) has expressed their dissatisfaction with the government and the Ghana Revenue Authority (GRA) on handling activities of non- Ghanaians who choose to engage in business reserved for only Ghanaians. They have consequently threatened not to honour their tax obligation until their concerns are addressed.
Required:
Write to the Commissioner-General indicating the areas of activities that are preserved for only Ghanaians and why you think the Commissioner-General is right in taxing all businesses irrespective of their ownership except as exempt by law. (6 marks)
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