Series: FEB 2020

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STP – Feb 2020 – L2 – Q5 – Anti-Avoidance Provisions

Identify and discuss three anti-avoidance provisions in the Income Tax Act, 2015 (Act 896) and their limitations on tax planning.

Question

Although tax planners have the liberty to devise schemes which reduce the tax liability of their clients, the Income Tax Act, 2015 (Act 896) contains provisions which limit tax planning schemes.

Required:
Identify any three (3) anti-avoidance provisions in Act 896 and discuss how each of these provisions places a limitation on the ability of a person to engage in tax planning.

Answer

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Tags: Accounting Year, Anti-Avoidance, Arm's Length, General Anti-Avoidance Rule, Income Splitting, Income Tax Act, Indirect Payments, Tax Planning, Thin Capitalization
Level: Level 2

Topic: Taxation and Operating Strategies in Business
Series: FEB 2020

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

Question

As a renowned tax consultant, a potential investor in the real estate sector in Ghana is seeking your expert opinion on the tax implications of establishing a company, a partnership or a sole proprietorship and which form of the business organisations gives the least tax exposure for an investor.

Answer

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Tags: Business Entities, Company, Corporate Tax, Income Tax, Partnership, Sole Proprietorship, Tax Exposure, Tax implications, Tax Planning, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation
Series: FEB 2020

STP – Feb 2020 – L2 – Q3 – Taxation of Capital Transactions

Advise Ravid Ghana Ltd on tax implications of selling land and office building for GHS200,000.

Question

Ravid Ghana Ltd is a software development company with its registered office located at North Kaneshie in the Greater-Accra Region of Ghana. In March 2016 the company purchased a parcel of land at Oyarifa at a cost of GH¢25,000.00. The company spent GH¢5,000 to construct a fence wall around the property and to complete title registration processes at the Lands Commission. In May 2017, the company also purchased an office building at Madina valued at GH¢100,000.00 as well as a Toyota Hilux pick-up valued at GH¢100,000.00. In February 2018, the board of directors of the company decided to dispose of the parcel of land purchased in March 2016 and the office building in order to raise money to finance the purchase of strategic assets. The company engaged the services of a valuer to determine the market value of the land located at Oyarifa. The company paid the valuer GH¢5,000.00 for services rendered. In August 2019, the company sold the parcel of land and the office building in a single transaction for GH¢200,000.00. At the time of the sale, the market value of the land was GH¢50,000.00 and the office building was GH¢150,000.00. The written down value of the building was GH¢70,000.00 at the time of the sale.

Required: Advise the company on the income tax implications of the realization of the assets.

Answer

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Tags: Asset Realization, Capital Gains, Consideration Apportionment, Depreciable assets, Income Tax
Level: Level 2

Topic: Taxation of Capital Transactions
Series: FEB 2020

STP – Feb 2020 – L2 – Q2 – Tax Implications of Financing Options

Advise on tax implications of financing a plant purchase as equity or loan for red flow Ghana Limited.

Question

Red flow Ghana Limited is a manufacturing entity in Ghana. Mr. Kurt Wildem, a citizen and resident of Germany owns 90% of the company’s shares. Mrs. Florence Wildem, a citizen and resident of Germany and wife of Mr. Wildem also owns 5% of the shares of the company. Mr. Jogen Wildem, the son of Mr. Kurt Wildem holds the remaining 5% of the shares in the company. As of 1st June 2019, the company had a stated capital of GH¢400,000.00. A report submitted by the management to the Board of Directors indicated that the company needs to acquire a plant valued at GH¢1,000,000.00 to enable the company to increase its production capacity. Mr. Kurt Wildem who is the majority shareholder has offered to finance the purchase of a plant for the company, but his challenge is whether to provide the asset to the company as a loan or as equity.

Required: Advise Mr. Kurt Wildem on i. the income tax treatment of providing the asset to the company as equity contribution. (7 marks) ii. the income tax treatment of providing the asset to the company as a loan. (7 marks) iii. the preferable option for providing the asset to the company in order to derive the maximum tax benefits.

Answer

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Tags: Corporate Tax, Dividend taxation, Equity contribution, Loan financing, Tax deductions, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation, Taxation and Operating Strategies in Business
Series: FEB 2020

STP – Feb 2020 – L2 – Q1 – Agricultural Tax Incentives

Advise on income tax benefits of coconut farming and processing factory.

Question

a) Mr. Kwame Berko graduated from the University of Ghana in 2017. In 2019, he secured a Government of Ghana scholarship to pursue a master’s program in Agricultural Science at the University of Alabama in the United States of America. During the course of the master’s program, he developed unique ideas on how to establish a commercial farm and also engage in the processing of the farm products. On his return to Ghana, he decided to implement the ideas developed during his time at the University of Alabama. His business plan shows that he intends to: i. establish a farm to grow coconut and as well as an associated factory to process the coconut into milk for domestic consumption. ii. establish a poultry farm to produce chicken and eggs for domestic consumption.

Mr. Berko has submitted his business plan to you for tax advice.

Required: As a tax advisor of high repute, advise Mr. Kwame Berko on the following: a. the income tax benefits of farming coconut and establishing a processing factory.

b. the income tax benefits of establishing a poultry farm.

c. the most suitable place in Ghana to establish the farms and the factory in order to derive maximum tax benefits.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agriculture, Agro Processing, Coconut farming, Income Tax, Tax Incentives
Level: Level 2

Topic: Taxation of Specialized Business Sectors
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

Question

Gold Resources Ltd. is a mining company operating in the Sparrows Mine and Dove Mines in Ghana. Sparrows Mine shares a processing plant with Dove Mines, and both mines commenced commercial production in 2018. At the close of business on December 31, 2018, Gold Resources Ltd. acquired 20% exploration and production rights in the Eagle Mine which is a production mine for GH₵25,000,000.

The highlights of 2018 revenue and expenditure disclosed in tax returns filed by Gold Resources Ltd. include the following:

Revenue	GH₵
Gross income from its operations in 2018	300,000,000
Hedging Income	3,000,000
Interest Income	1,000,000
Consideration realised from the sale of assets	800,000
Gross Dividend from a resident company in which it has 30% voting rights	200,000
Total Revenue	305,000,000

Expenses include the following:

Expenses	GH₵
Reconnaissance & Prospecting Cost (Sparrows Mine)	45,000,000
Reconnaissance & Prospecting Cost (Dove Mines)	35,000,000
Depreciation	12,000,000
Exploration & Production Rights (Eagle Mine)	25,000,000
Expenses on Hedging transactions	5,000,000
Cost of the assets sold	300,000
Administrative Expenses	10,000,000
Profit before tax	120,000,000

Required: Compute the tax liability for each tax type that Gold Resources Ltd will be liable to pay in 2018.

Additional Information:

Item	Rate
Income Tax Rate for companies	25%
Mineral Income Tax Rate	35%
Mineral Royalty Rate	5%
Capital Allowance Rate	20% on straight line basis
Dividend Withholding Tax Rate	8%
Interest Withholding Tax Rate	8%

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Hedging Income, Interest Withholding Tax, Mineral Income Tax, Mineral Royalty
Level: Level 1

Topic: Taxation of Mining Entities
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

Question

a) Explain the tax treatment of assignment of or disposal of petroleum rights as provided under the Income Tax Act 2016 (Act 896).

b) Deep Sea Ventures and Coastal Explorations are joint venture partners who have 45% and 40% interest respectively in the Atlantic Oil Fields in Ghana. They commenced exploration in 2010 and discovered hydrocarbons in commercial quantities in 2015. A plan of development was subsequently approved for the development of the Atlantic Oil Fields.

The fiscal terms of the agreement between the joint venture partners and the Government of Ghana include Bonus of US$ 100 million, Royalty of 10%, Initial (Carried) Interest of 10% Additional Participating Interest of 5%, Corporate Tax rate of 35% and Capital Allowance on straight line basis at a rate of 20%. Commercial production commenced in the Atlantic Oil Fields in 2019. Information available on the oil and gas production operations in the Atlantic Oil Fields are as follows:

Up to 31/12/2017	US$
Exploration Costs	250,000,000.00
Development Costs	2,000,000,000.00
Bonus	100,000,000.00

As at 31/12/2018	US$
Exploration Costs	15,000,000.00
Development Costs	1,500,000,000.00
Interest on loan for installations & infrastructure	100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Atlantic Oil Fields

As at 31/12/2019	US$
Exploration Costs	5,000,000.00
Development Costs	430,000,000.00

Required: Compute the capital allowance entitlements of Deep Sea Ventures and Coastal Explorations and state the underlying assumptions for your computations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Development Costs, Exploration Costs, Income Tax Act, Petroleum Agreement
Level: Level 1

Topic: Taxation of Revenue and Cost Streams
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

Question

a) Explain the following concepts

i. Unitization; and

ii. Redetermination.

b) ABC Limited has 40% and 30% interest in Costal Reef Petroleum Agreement and Deep Sea Petroleum Agreement respectively. The contract areas of the two Petroleum Agreements have been unitised for joint operation. It has been determined that the hydrocarbon present in the unitised area is in the proportion of 40% and 60% for the Costal Reef Contract Area and Deep Sea Contract Area respectively.

Gross production of crude oil in the unitised area in 2018 year is 500,000,000 barrels. The average price of crude oil that year is $50 per barrel.

Required:

Compute the gross income of ABC Limited for the 2018 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Crude Oil Price, Gross Income, Hydrocarbon Allocation, Petroleum Agreement, Unitization
Level: Level 1

Topic: Taxation of Revenue and Cost Streams
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

Question

Explain the following concepts and their tax treatment:

a) Finance Lease;

b) Operating Lease;

c) Ring Fencing and state how it is provided for in respect of Petroleum Operations under the Income Tax Act, 2015 (Act 896).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Level, Field Level, Income Tax Act, Ring Fencing, Separate Petroleum Operation
Level: Level 1

Topic: Fiscal Regime of Oil and Gas
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

Question

a) Countries grant exploration and production rights to oil and gas companies under various contractual arrangements. But there are three main ones referred to as Host Government Contracts or World Fiscal Systems for oil and gas. Identify and explain the main features of the three Host Government Contracts.

b) Ghana’s upstream petroleum fiscal regime has been described in some fora as “a hybrid of the Royalty Tax Regime and Production Sharing Contract.” Do you agree with this description? If yes, explain; and if not, explain the fiscal regime of Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Additional Oil Entitlement, Ghana Fiscal Regime, Production Sharing Contract, Royalty/Tax Regime, State Participation
Level: Level 1

Topic: Fiscal Regime of Oil and Gas
Series: FEB 2020

STP – Feb 2020 – L2 – Q5 – Anti-Avoidance Provisions

Identify and discuss three anti-avoidance provisions in the Income Tax Act, 2015 (Act 896) and their limitations on tax planning.

Question

Although tax planners have the liberty to devise schemes which reduce the tax liability of their clients, the Income Tax Act, 2015 (Act 896) contains provisions which limit tax planning schemes.

Required:
Identify any three (3) anti-avoidance provisions in Act 896 and discuss how each of these provisions places a limitation on the ability of a person to engage in tax planning.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Year, Anti-Avoidance, Arm's Length, General Anti-Avoidance Rule, Income Splitting, Income Tax Act, Indirect Payments, Tax Planning, Thin Capitalization
Level: Level 2

Topic: Taxation and Operating Strategies in Business
Series: FEB 2020

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company, Corporate Tax, Income Tax, Partnership, Sole Proprietorship, Tax Exposure, Tax implications, Tax Planning, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation
Series: FEB 2020

STP – Feb 2020 – L2 – Q3 – Taxation of Capital Transactions

Advise Ravid Ghana Ltd on tax implications of selling land and office building for GHS200,000.

Question

Required: Advise the company on the income tax implications of the realization of the assets.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Realization, Capital Gains, Consideration Apportionment, Depreciable assets, Income Tax
Level: Level 2

Topic: Taxation of Capital Transactions
Series: FEB 2020

STP – Feb 2020 – L2 – Q2 – Tax Implications of Financing Options

Advise on tax implications of financing a plant purchase as equity or loan for red flow Ghana Limited.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax, Dividend taxation, Equity contribution, Loan financing, Tax deductions, Withholding Tax
Level: Level 2

Topic: Tax Strategies for New Business Formation, Taxation and Operating Strategies in Business
Series: FEB 2020

STP – Feb 2020 – L2 – Q1 – Agricultural Tax Incentives

Advise on income tax benefits of coconut farming and processing factory.

Question

Mr. Berko has submitted his business plan to you for tax advice.

Required: As a tax advisor of high repute, advise Mr. Kwame Berko on the following: a. the income tax benefits of farming coconut and establishing a processing factory.

b. the income tax benefits of establishing a poultry farm.

c. the most suitable place in Ghana to establish the farms and the factory in order to derive maximum tax benefits.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agriculture, Agro Processing, Coconut farming, Income Tax, Tax Incentives
Level: Level 2

Topic: Taxation of Specialized Business Sectors
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

Question

The highlights of 2018 revenue and expenditure disclosed in tax returns filed by Gold Resources Ltd. include the following:

Revenue	GH₵
Gross income from its operations in 2018	300,000,000
Hedging Income	3,000,000
Interest Income	1,000,000
Consideration realised from the sale of assets	800,000
Gross Dividend from a resident company in which it has 30% voting rights	200,000
Total Revenue	305,000,000

Expenses include the following:

Expenses	GH₵
Reconnaissance & Prospecting Cost (Sparrows Mine)	45,000,000
Reconnaissance & Prospecting Cost (Dove Mines)	35,000,000
Depreciation	12,000,000
Exploration & Production Rights (Eagle Mine)	25,000,000
Expenses on Hedging transactions	5,000,000
Cost of the assets sold	300,000
Administrative Expenses	10,000,000
Profit before tax	120,000,000

Required: Compute the tax liability for each tax type that Gold Resources Ltd will be liable to pay in 2018.

Additional Information:

Item	Rate
Income Tax Rate for companies	25%
Mineral Income Tax Rate	35%
Mineral Royalty Rate	5%
Capital Allowance Rate	20% on straight line basis
Dividend Withholding Tax Rate	8%
Interest Withholding Tax Rate	8%

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Hedging Income, Interest Withholding Tax, Mineral Income Tax, Mineral Royalty
Level: Level 1

Topic: Taxation of Mining Entities
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

Question

a) Explain the tax treatment of assignment of or disposal of petroleum rights as provided under the Income Tax Act 2016 (Act 896).

Up to 31/12/2017	US$
Exploration Costs	250,000,000.00
Development Costs	2,000,000,000.00
Bonus	100,000,000.00

As at 31/12/2018	US$
Exploration Costs	15,000,000.00
Development Costs	1,500,000,000.00
Interest on loan for installations & infrastructure	100,000,000.00

NB. The loan was contracted by the operator on behalf of the parties that hold interest in the Atlantic Oil Fields

As at 31/12/2019	US$
Exploration Costs	5,000,000.00
Development Costs	430,000,000.00

Required: Compute the capital allowance entitlements of Deep Sea Ventures and Coastal Explorations and state the underlying assumptions for your computations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Development Costs, Exploration Costs, Income Tax Act, Petroleum Agreement
Level: Level 1

Topic: Taxation of Revenue and Cost Streams
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

Question

a) Explain the following concepts

i. Unitization; and

ii. Redetermination.

Gross production of crude oil in the unitised area in 2018 year is 500,000,000 barrels. The average price of crude oil that year is $50 per barrel.

Required:

Compute the gross income of ABC Limited for the 2018 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Crude Oil Price, Gross Income, Hydrocarbon Allocation, Petroleum Agreement, Unitization
Level: Level 1

Topic: Taxation of Revenue and Cost Streams
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

Question

Explain the following concepts and their tax treatment:

a) Finance Lease;

b) Operating Lease;

c) Ring Fencing and state how it is provided for in respect of Petroleum Operations under the Income Tax Act, 2015 (Act 896).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Level, Field Level, Income Tax Act, Ring Fencing, Separate Petroleum Operation
Level: Level 1

Topic: Fiscal Regime of Oil and Gas
Series: FEB 2020

OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Additional Oil Entitlement, Ghana Fiscal Regime, Production Sharing Contract, Royalty/Tax Regime, State Participation
Level: Level 1

Topic: Fiscal Regime of Oil and Gas
Series: FEB 2020

Series: FEB 2020

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STP – Feb 2020 – L2 – Q5 – Anti-Avoidance Provisions

Identify and discuss three anti-avoidance provisions in the Income Tax Act, 2015 (Act 896) and their limitations on tax planning.

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STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

You're reporting an error for "STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications"

STP – Feb 2020 – L2 – Q3 – Taxation of Capital Transactions

Advise Ravid Ghana Ltd on tax implications of selling land and office building for GHS200,000.

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STP – Feb 2020 – L2 – Q2 – Tax Implications of Financing Options

Advise on tax implications of financing a plant purchase as equity or loan for red flow Ghana Limited.

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STP – Feb 2020 – L2 – Q1 – Agricultural Tax Incentives

Advise on income tax benefits of coconut farming and processing factory.

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OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

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OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

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OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

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OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

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OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

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STP – Feb 2020 – L2 – Q5 – Anti-Avoidance Provisions

Identify and discuss three anti-avoidance provisions in the Income Tax Act, 2015 (Act 896) and their limitations on tax planning.

You're reporting an error for "STP – Feb 2020 – L2 – Q5 – Anti-Avoidance Provisions"

STP – Feb 2020 – L2 – Q4 – Business Entity Tax Implications

Advise on tax implications of establishing a company, partnership, or sole proprietorship and identify which offers the least tax exposure for an investor.

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STP – Feb 2020 – L2 – Q3 – Taxation of Capital Transactions

Advise Ravid Ghana Ltd on tax implications of selling land and office building for GHS200,000.

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STP – Feb 2020 – L2 – Q2 – Tax Implications of Financing Options

Advise on tax implications of financing a plant purchase as equity or loan for red flow Ghana Limited.

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STP – Feb 2020 – L2 – Q1 – Agricultural Tax Incentives

Advise on income tax benefits of coconut farming and processing factory.

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OGMT – Feb 2020 – L1 – Q5 – Tax Liability Computation

Compute Gold Resources Ltd.'s tax liabilities for 2018, including mineral royalty, income tax, and withholding tax.

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OGMT – Feb 2020 – L1 – Q4 – Assignment of Petroleum Rights

Explain the tax treatment of assignment or disposal of petroleum rights under the Income Tax Act, 2015 (Act 896).

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OGMT – Feb 2020 – L1 – Q3 – Unitization and Redetermination

Explain the concepts of unitization and redetermination in the context of petroleum operations.

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OGMT – Feb 2020 – L1 – Q2 – Finance Lease

Explain the concept of a finance lease and its tax treatment under the Income Tax Act, 2015 (Act 896).

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OGMT – Feb 2020 – L1 – Q1 – Host Government Contracts

Identify and explain the three main Host Government Contracts for oil and gas exploration and production rights.

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