Tax Regulations – Knowsia

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

Question

You are a Senior Transfer Pricing Associate of Fameye and Associates. You have received the following email from a former client, Asew LTD, who has received a Transfer Pricing audit assessment from the Ghana Revenue Authority (GRA) for the 2021, 2022, and 2023 years of assessment.

Subject: Transfer Pricing Compliance Assistance

Hello Team,

I came to the office today and received a letter from the GRA regarding a tax assessment on transfer pricing issues. According to the letter, our company owes the GRA some penalties for non-compliance with the transfer pricing regulations. I am confused as to what our compliance obligations are. I would need your assistance on how we can comply with the transfer pricing laws of Ghana.

I hope to hear from you soon.

Kind regards,

Nii Armaah
Managing Director, Asew LTD

Required:

In line with the provisions of the Transfer Pricing Regulations, 2020 (L.I. 2412), draft a response for the review of your Tax Partner, covering the following:

(i) The required transfer pricing documentation that must be maintained by companies in Ghana under the three-tier transfer pricing documentation requirements, including the time by which these must be filed with the GRA, where applicable. (ii) TWO conditions or circumstances under which a company may be exempted from compliance with any of the above documentation requirements.

Answer

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Tags: Documentation, Ghana Revenue Authority, Multinational Entities, Tax Compliance, Tax Regulations, Transfer Pricing
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

Question

You have been engaged as an Accounts Officer in Abokobi LTD. Sales of GH¢10,000,000 were inadvertently under-declared. A team from the Ghana Revenue Authority (GRA) is at your premises conducting an audit. The GRA Audit Team did not review the sales revenue. After the audit, you noted that the amount constituting the under-declaration of the sales was mistakenly credited to the suppliers’ account in the ledger.

Required:

Detail out your position on the above as to what action to take.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Ethics, Financial Reporting, Ghana Revenue Authority (GRA), Tax Audit, Tax Compliance, Tax Penalty, Tax Regulations, Under-declared Sales
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

Question

The Ghanaian Government, worried by the rising incidence of Transfer Pricing abuses by Multinational and Group Companies, introduced new transfer pricing rules and guidelines through Transfer Pricing Regulations, 2012 (LI 2188).

Required:

i) Explain any FOUR (4) objectives of the transfer pricing regulations of Ghana. (6 marks)

ii) Explain the arm’s length principle. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Avoidance, Arm's Length Principle, Tax Regulations, Transfer Pricing
Level: Level 3

Topic: Anti-avoidance measures
Series: NOV 2019

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

Question

Subject: Transfer Pricing Compliance Assistance

Hello Team,

I came to the office today and received a letter from the GRA regarding a tax assessment on transfer pricing issues. According to the letter, our company owes the GRA some penalties for non-compliance with the transfer pricing regulations. I am confused as to what our compliance obligations are. I would need your assistance on how we can comply with the transfer pricing laws of Ghana.

I hope to hear from you soon.

Kind regards,

Nii Armaah
Managing Director, Asew LTD

Required:

In line with the provisions of the Transfer Pricing Regulations, 2020 (L.I. 2412), draft a response for the review of your Tax Partner, covering the following:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Documentation, Ghana Revenue Authority, Multinational Entities, Tax Compliance, Tax Regulations, Transfer Pricing
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

Question

Required:

Detail out your position on the above as to what action to take.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Ethics, Financial Reporting, Ghana Revenue Authority (GRA), Tax Audit, Tax Compliance, Tax Penalty, Tax Regulations, Under-declared Sales
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

Question

Required:

i) Explain any FOUR (4) objectives of the transfer pricing regulations of Ghana. (6 marks)

ii) Explain the arm’s length principle. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Avoidance, Arm's Length Principle, Tax Regulations, Transfer Pricing
Level: Level 3

Topic: Anti-avoidance measures
Series: NOV 2019

Question Tag: Tax Regulations

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AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

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AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

You're reporting an error for "AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance"

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

You're reporting an error for "PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales"

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

You're reporting an error for "AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures"

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

You're reporting an error for "AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance"

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

You're reporting an error for "PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales"

AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures

Explain the objectives of Ghana’s Transfer Pricing Regulations and the concept of the arm’s length principle.

You're reporting an error for "AT – Nov 2019 – L3 – Q3a – Anti-avoidance measures"

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