Question Tag: Withholding VAT

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PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Question

N&L Associates, an accounting firm, issued an invoice to a withholding VAT agent for GH¢250,000 (including VAT, GETFund Levy, NHIL, and COVID-19 Levy) for assurance services provided to a client in March 2024. These were the only services provided by the firm during the period, and payments are to be made within the same period.

Required:

i) Calculate the portion of the GETFund Levy, NHIL, and COVID-19 Levy that the agent must compute for the payment of the services rendered. (3 marks)
ii) Determine the output VAT to be reported on the accounting firm’s monthly VAT return.
iii) Compute the withholding VAT to be withheld if N&L Associates are VAT withholding agents.
iv) Calculate the tax payable by the accounting firm if the total input tax for the period amounts to GH¢7,200.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Firms, Covid-19 Levy, GETFund Levy, NHIL, Output VAT, Tax computation, Tax Liability, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: Nov 2024

Principles of Taxation – Nov 2024 – L2 – Q2c – Withholding VAT Scheme

Explanation of the objectives of the Withholding VAT Scheme.

Question

One of the innovative measures introduced by the Ghana Revenue Authority (GRA) is the Withholding VAT Scheme, designed to enhance tax compliance.

Required:
Describe FOUR objectives of the Withholding VAT Scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Revenue Collection, Tax Administration, VAT Compliance, Withholding VAT
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

Question

b) Akorfa Vinyo, an equipment hiring company, raises an invoice in the sum of GH¢500,000.00 in respect of hiring of equipment services to a withholding VAT agent (Sir James Enterprise). This supply excludes Value Added Tax (VAT of 12.5%), National Health Insurance Levy (NHIL of 2.5%), and Ghana Education Trust Fund Levy (GETFL of 2.5%).

Assume that this is the only supply of value-added activity done by Akorfa Vinyo in the period and payments are made in the same period.

Required:
i) Calculate the proportion of VAT that should be withheld by the agent in respect of payment of the invoice (the withholding VAT rate is 7%). (3 marks)
ii) Calculate the output VAT to be shown on the face of Akorfa’s monthly VAT Return. (3 marks)
iii) Calculate the VAT payable by Akorfa, if the total input VAT incurred for the period is GH¢25,000. (3 marks)
iv) Show the payment details by the Withholding Agent for the supply. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Input VAT, Output VAT, Tax deduction, VAT, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2019

PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

Question

The introduction of Withholding Value Added Tax was widely celebrated by tax administrators and tax practitioners as it is believed the benefits to be raked by the Ghana Revenue Authority would be enormous.

Required:
What purpose does Withholding Value Added Tax seek to achieve?
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Tax Administration, Withholding VAT
Level: Level 2

Topic: Withholding Tax Administration
Series: MAY 2020

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

Question

One of the innovations by the Ghana Revenue Authority is the introduction of the Withholding VAT Scheme. The scheme is aimed at promoting tax compliance.

Required:
Explain FOUR (4) objectives of the scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Revenue Collection, Tax Compliance, VAT Scheme, Withholding VAT
Level: Level 2

Series: NOV 2021

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Firms, Covid-19 Levy, GETFund Levy, NHIL, Output VAT, Tax computation, Tax Liability, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: Nov 2024

Principles of Taxation – Nov 2024 – L2 – Q2c – Withholding VAT Scheme

Explanation of the objectives of the Withholding VAT Scheme.

Question

One of the innovative measures introduced by the Ghana Revenue Authority (GRA) is the Withholding VAT Scheme, designed to enhance tax compliance.

Required:
Describe FOUR objectives of the Withholding VAT Scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Revenue Collection, Tax Administration, VAT Compliance, Withholding VAT
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

Question

Assume that this is the only supply of value-added activity done by Akorfa Vinyo in the period and payments are made in the same period.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Input VAT, Output VAT, Tax deduction, VAT, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2019

PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

Question

Required:
What purpose does Withholding Value Added Tax seek to achieve?
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Tax Administration, Withholding VAT
Level: Level 2

Topic: Withholding Tax Administration
Series: MAY 2020

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

Question

One of the innovations by the Ghana Revenue Authority is the introduction of the Withholding VAT Scheme. The scheme is aimed at promoting tax compliance.

Required:
Explain FOUR (4) objectives of the scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Revenue Collection, Tax Compliance, VAT Scheme, Withholding VAT
Level: Level 2

Series: NOV 2021

Question Tag: Withholding VAT

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PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

Principles of Taxation – Nov 2024 – L2 – Q2c – Withholding VAT Scheme

Explanation of the objectives of the Withholding VAT Scheme.

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

Principles of Taxation – Nov 2024 – L2 – Q2c – Withholding VAT Scheme

Explanation of the objectives of the Withholding VAT Scheme.

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

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