- 20 Marks
AT – May 2020 – L3 – Q3 – Tax Planning
Prepare a report explaining tax planning, its objectives, and tax planning maxims with examples for a manufacturing company's Board of Directors.
Question
“Tax planning involves anticipating a set of circumstances and the identification of opportunities to minimize or defer tax liabilities within the law”.
You have been appointed as a Tax Consultant to Ken Group Ltd, a manufacturing company, having issues with Ghana Revenue Authority on tax evasion and avoidance. Your first assignment is to meet the Board of Directors to brief them on various issues governing tax planning and how to take advantage of the provisions in the taxation laws to avoid the payment of certain taxes and possibly defer certain tax liabilities.
Required: Write a report explaining the following:
a) Tax planning and its intended objectives. (10 marks)
b) Tax planning maxims or variables with appropriate examples. (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Tax avoidance, Tax deferral, Tax Planning, Tax planning maxims, Tax planning objectives
- Level: Level 3
- Series: MAY 2020
