Overview of the Ghanaian Tax System and Fiscal Policy – Page 2

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 – May 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain five goals of public expenditures.

Question

Public expenditure can be in the form of public works and transfer payments. Public works are expenditure on durable goods, primarily fixed structures produced by the government. They include expenditure on public works such as roads, schools, hospitals, and irrigation. Transfer payments include interest on public debt, government wages and salaries, pension, insurance, and social security benefits.

Required:
Explain FIVE (5) goals of public expenditures.

Answer

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Tags: Economic Development, Fiscal Policy, Public Expenditure
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2021

PT – May 2021 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Discuss how location benefits young entrepreneurs aged 35 years or younger in manufacturing regarding tax planning.

Question

The location of an entity is of importance in tax planning. How does location inure to the benefit of a young entrepreneur aged 35 years or younger in the manufacturing business?

Answer

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Tags: Location Incentives, Manufacturing, Tax Planning, Young Entrepreneurs
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2021

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

State five conditions that justify deficit financing by the government.

Question

Deficit financing is the budgetary situation where government expenditure is higher than government revenue. It is a practice adopted for financing the excess expenditure with external funding. Most governments both in the developed and developing world are having deficit budgets, and these deficits are often financed through borrowing.

Required:
State FIVE (5) conditions that would make it necessary for a government to support its budget through deficit financing. (5 marks)

Answer

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

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: AUG 2022

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

Explanation of five economic roles that taxation plays in a country's development.

Question

Taxation is a mechanism through which the government seeks to realize some of its economic objectives. It is one of the oldest means by which the government expenditure is funded. Taxation plays a central and significant role in developing countries over the world.

Required:
Explain FIVE (5) economic roles of taxation. (5 marks)

Answer

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Tags: Economic Roles, Fiscal Policy, Government Expenditure, Revenue, Taxation
Level: Level 2

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

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

Explanation of the differences between deepening and widening the tax system in Ghana and how the Ghana Revenue Authority can implement both.

Question

In order to generate more revenue for national development in Ghana, tax experts often suggest the need to “deepen as well as widen” the tax system of Ghana.

Required:
Explain the difference between “Deepening the Tax System” and “Widening the Tax System” and suggest how the Ghana Revenue Authority can deepen and widen the tax system of Ghana. (5 marks)

Answer

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Tags: Fiscal Policy, Ghana Revenue Authority, Revenue, Tax Deepening, Tax System, Tax Widening
Level: Level 2

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

PT – Nov 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the types of fiscal policies and their effects on economic fluctuations and government revenue.

Question

Countries worldwide experience fluctuations in economic activity, which affects the consistency in government revenue generation. For example, when income levels are high, all other things being equal, tax revenue rises. Conversely, when income levels fall, tax revenue drops, requiring government policies to address the fluctuations. Governments, therefore, employ expansionary and contractionary fiscal policies to moderate the effects of such fluctuations.

Required:
Explain the following forms of fiscal policy:
i) Automatic Stabilisers
ii) Discretionary Fiscal Policy

Answer

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Tags: Automatic Stabilizers, Discretionary Fiscal Policy, Economic Activity, Fiscal Policy, Government Revenue
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: NOV 2021

PT – Mar 2024 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the features that distinguish progressive, proportional, and regressive taxes.

Question

A tax may be described in a number of ways based on the relationship between income earned by a person and the tax rate applicable to that income. Again, an important feature of a tax system is the percentage of the tax burden relative to income or consumption, thus, the terms progressive, proportional, and regressive are used to describe the way the rate of tax progresses from low to high; from high to low or proportionally.

Required:
In relation to the scenario above, explain progressive, proportional, and regressive taxes, stating the main features that distinguish them. (5 marks)

Answer

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Tags: Income Tax, Progressive Tax, Proportional Tax, Regressive Tax, Tax Types
Level: Level 2

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

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.

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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.

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

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

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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.

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PT – May 2020 – L2 – Q1b – Public Finance

Describes five causes of deficit financing in a government budget.

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

Explains the structural classification of the Ghanaian tax system.

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

Differentiate between the features of direct and indirect taxes.

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

Differentiate between progressive and regressive tax systems with examples.

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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).

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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.

You're reporting an error for "PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – May 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain five goals of public expenditures.

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PT – May 2021 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Discuss how location benefits young entrepreneurs aged 35 years or younger in manufacturing regarding tax planning.

You're reporting an error for "PT – May 2021 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy"

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

State five conditions that justify deficit financing by the government.

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

Explanation of five economic roles that taxation plays in a country's development.

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

Explanation of the differences between deepening and widening the tax system in Ghana and how the Ghana Revenue Authority can implement both.

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PT – Nov 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the types of fiscal policies and their effects on economic fluctuations and government revenue.

You're reporting an error for "PT – Nov 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – Mar 2024 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the features that distinguish progressive, proportional, and regressive taxes.

You're reporting an error for "PT – Mar 2024 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy"

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