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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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Lakeside Exploration Ghana Ltd and Gasoil Energy Extraction Ltd are joint venture
partners who have 50% and 35% interest respectively in the Volta Offshore Field Ghana
Ltd. The agreement between the joint venture partners and the Government of Ghana
provides for Royalty of 5%, Initial Carried Interest of 10%, Additional Participating
Interest of 5%, and corporate tax rate of 35%.
Production commenced in the Volta Offshore Field Ghana Ltd in 2021. Information
available on the Volta Offshore Field Ghana Ltd is as follows:
Exploration Costs GH¢500,000,000
Development Cost GH¢4,000,000,000
Average production cost per barrel GH¢10
Average Price of crude oil per barrel GH¢50
Actual oil Production in 2021 100,000,000 barrels
Required:
i) State FOUR (4) payments or transactions on which withholding tax is applicable.
ii) Identify FOUR (4) payments or transactions that are exempt from withholding tax.
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Private rulings, class rulings, and practice notes do not serve the same purpose.
Required:
Write a memo to the Tax Manager of your company as a Tax Intern explaining how each is used and their effect on tax administration.
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The Commissioner General issued a private ruling that conflicts with existing practice notes issued by the Ghana Revenue Authority on the same transaction.
Required:
Discuss how this issue should be handled in tax administration.
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a) Tax reforms have characterised global taxation. Countries have embarked on various reforms geared towards improvement in tax revenue to help provide the basis for infrastructure and guarantee sustainable development. Ghana has not been left out in these critical tax reforms.
Tax administration in Ghana therefore has seen a number of reforms since the 1960s, with the most recent being the integration of the Revenue Agencies to an Authority to act as a one-stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791).
Required: Discuss the governance structure of the Ghana Revenue Authority.
(5 marks)
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In December 2009, the three tax revenue agencies, the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS), and the Value Added Tax Service (VATS) were merged in accordance with Ghana Revenue Authority Act 2009, Act 791 to become the Ghana Revenue Agency.
Required:
Discuss five benefits of the integration to Tax Payers and the Tax Administration in Ghana.
(5 marks)
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During the tax audit of Kalybos Ltd, the Commissioner-General sought the assistance of some Lawyers and Architects who were not employees of Ghana Revenue Authority. The Management of Kalybos Ltd is protesting the use of these experts whose advice influenced the final decisions of the Commissioner-General.
Required:
What are the rules governing the assistance of experts in the duties of the Commissioner-General of the Ghana Revenue Authority?
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During the tax audit of Kalybos Company Ltd, a lot of information came to the attention of the Ghana Revenue Authority staff who conducted the audit. The staff reminded themselves that a person employed, or engaged by Ghana Revenue Authority must be confidential.
Required: i) Under what circumstances would a person or the Commissioner-General disclose information or documents to another person? (3 marks)
ii) Which categories of persons or institutions may the Commissioner-General disclose a taxpayer’s information to?
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