Topic: Overview of the Ghanaian Tax System and Fiscal Policy

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PT – Nov 2024 – L2 – Q1a – Monetary vs Fiscal Policy and Tools

Comparison of monetary and fiscal policy and identification of key monetary policy tools used in Ghana.

Question

a) Monetary policy and fiscal policy are two different tools that have an impact on the economic activity of a country. Policy adjustments and institutional safeguards are needed to ensure that the two policies remain firmly within the region of stability.

Required:

i) Distinguish between Monetary Policy and Fiscal Policy.

ii) State FOUR monetary policy tools used in Ghana.

Answer

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Tags: Central Bank, Economic Stability, Fiscal Policy, Government Spending, Monetary Policy, Taxation
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: Nov 2024

PT – April 2022 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Justify the use of public debt as an alternative to taxation in Ghana's development agenda.

Question

b) The development agenda of a developing country like Ghana can only be brought to reality through the availability of funds. The two (2) main sources of government revenue are taxation and debt. In spite of the fact that taxation remains the most reliable source of government revenue for government plans, projects and programmes, it is said to be limited in its role and function in the economy.

Required:
Justify the use of public debt as an alternative to taxation.
(5 marks)

Answer

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Tags: Fiscal Policy, Government Revenue, Public Debt, Taxation alternatives

Topic: National Debt, Overview of the Ghanaian Tax System and Fiscal Policy
Series: APR 2022

PT – Nov 2019 – L2 – Q5d – Pension and Retirement Benefits

Briefly explain the 3-Tier Ghana National Pension Scheme Mechanism.

Question

Explain briefly the 3-Tier Ghana National Pension Scheme Mechanism.
(5 marks)

Answer

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Tags: Ghana National Pension Scheme, Pensions, Social Security, Taxation
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: NOV 2019

PT – Nov 2019 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explains five purposes of taxation in a developing economy like Ghana.

Question

Economists are unanimous on the view that taxation is an essential tool for mobilizing
resources for economic development and in particular for a middle-income country such as
Ghana.
Required:
i) Describe briefly FIVE (5) purposes of taxation for an economy such as Ghana.
(5 marks)
ii) Explain the use and application of taxation as a tool of fiscal policy to stabilize the economy.
(5 marks)

Answer

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Tags: Economic Development, Economic Stability, Fiscal Policy, Purposes of Taxation, Resource Mobilization
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: NOV 2019

PT – May 2020 – L2 – Q1b – Public Finance

Describes five causes of deficit financing in a government budget.

Question

The government budget is a plan of government revenues and expenditures for a specified period, usually a year. When budgeted expenditures exceed projected tax revenues, the budget is projected to be in deficit. This will lead to deficit financing.

Required:
Describe briefly FIVE (5) causes of deficit financing.
(5 marks)

Answer

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Tags: Deficit Financing, Fiscal Policy, Government Budget
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

Question

Taxation system can be classified in many ways. It could be based on the method used in the computation of the tax or based on the incidence/responsibility for the payment of the tax.

Required:
Explain the structural or classification of the Ghanaian tax system.
(5 marks)

Answer

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Tags: Ghanaian Tax System, Tax Classification, Tax Structure
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

Question

Distinguish between the features of direct taxes and indirect taxes.

Answer

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Tags: Direct Taxes, Features, Indirect Taxes, Taxation Comparison
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – March 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between progressive and regressive tax systems with examples.

Question

When introducing new taxes in a developing economy like Ghana, the contribution of the new tax system to the tax buoyancy of the country is important. However, this will depend on whether the new tax instrument will be a progressive tax or a regressive tax.

Required:

Explain the difference between progressive tax system and regressive tax system and state ONE (1) example of each tax instrument.

Answer

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Tags: Examples of Taxation, Progressive Tax, Regressive Tax, Tax Systems
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – July 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of four functions of the District Assembly Common Fund (DACF).

Question

Explain FOUR (4) functions of the District Assembly Common Fund (DACF). (5 marks)

Answer

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Tags: DACF, Development Fund, District Assembly Common Fund, National Resources, Tax Distribution
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: JULY 2023

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

Question

Adam Smith, reputed as the father of economics, postulated the characteristics of a good tax system as: “equity”, “certainty”, “convenience”, and “economy”. These postulates are still as relevant today as they were in Adam Smith’s days.

Required:
Explain how these characteristics of a good tax system can be employed by the Finance Minister of Ghana to improve the tax system of Ghana. (5 marks)

Answer

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Tags: Adam Smith, Certainty, Convenience, Economy, Equity, Tax System
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: JULY 2023

PT – Nov 2024 – L2 – Q1a – Monetary vs Fiscal Policy and Tools

Comparison of monetary and fiscal policy and identification of key monetary policy tools used in Ghana.

Question

Required:

i) Distinguish between Monetary Policy and Fiscal Policy.

ii) State FOUR monetary policy tools used in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Central Bank, Economic Stability, Fiscal Policy, Government Spending, Monetary Policy, Taxation
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: Nov 2024

PT – April 2022 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Justify the use of public debt as an alternative to taxation in Ghana's development agenda.

Question

Required:
Justify the use of public debt as an alternative to taxation.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fiscal Policy, Government Revenue, Public Debt, Taxation alternatives

Topic: National Debt, Overview of the Ghanaian Tax System and Fiscal Policy
Series: APR 2022

PT – Nov 2019 – L2 – Q5d – Pension and Retirement Benefits

Briefly explain the 3-Tier Ghana National Pension Scheme Mechanism.

Question

Explain briefly the 3-Tier Ghana National Pension Scheme Mechanism.
(5 marks)

Answer

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Tags: Ghana National Pension Scheme, Pensions, Social Security, Taxation
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: NOV 2019

PT – Nov 2019 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explains five purposes of taxation in a developing economy like Ghana.

Question

Answer

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Tags: Economic Development, Economic Stability, Fiscal Policy, Purposes of Taxation, Resource Mobilization
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: NOV 2019

PT – May 2020 – L2 – Q1b – Public Finance

Describes five causes of deficit financing in a government budget.

Question

Required:
Describe briefly FIVE (5) causes of deficit financing.
(5 marks)

Answer

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Tags: Deficit Financing, Fiscal Policy, Government Budget
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

Question

Taxation system can be classified in many ways. It could be based on the method used in the computation of the tax or based on the incidence/responsibility for the payment of the tax.

Required:
Explain the structural or classification of the Ghanaian tax system.
(5 marks)

Answer

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Tags: Ghanaian Tax System, Tax Classification, Tax Structure
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

Question

Distinguish between the features of direct taxes and indirect taxes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Taxes, Features, Indirect Taxes, Taxation Comparison
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – March 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between progressive and regressive tax systems with examples.

Question

Required:

Explain the difference between progressive tax system and regressive tax system and state ONE (1) example of each tax instrument.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Examples of Taxation, Progressive Tax, Regressive Tax, Tax Systems
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – July 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of four functions of the District Assembly Common Fund (DACF).

Question

Explain FOUR (4) functions of the District Assembly Common Fund (DACF). (5 marks)

Answer

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Tags: DACF, Development Fund, District Assembly Common Fund, National Resources, Tax Distribution
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: JULY 2023

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

Question

Required:
Explain how these characteristics of a good tax system can be employed by the Finance Minister of Ghana to improve the tax system of Ghana. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adam Smith, Certainty, Convenience, Economy, Equity, Tax System
Level: Level 2