- 5 Marks
Question
State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.
Answer
The following are the conditions under which goods supplied on a “sale or return” basis become taxable:
- The date when the purchaser chooses to keep the goods.
- The issue of a tax invoice by the seller.
- The receipt of payment by the seller, other than a deposit.
- The expiry of the period within which the customer may return the goods.
- Twelve months after the date of dispatch by the seller.
- Tags: Ghana Revenue Authority, sale-or-return, Taxable Goods, VAT
- Level: Level 2
- Topic: Value-Added Tax (VAT), Customs, and Excise Duties
- Series: MAR 2024
- Uploader: Theophilus