Tax Administration – Page 3

PT – Nov 2024 – L2 – Q5a – Notification to Commissioner-General for Non-Resident Contracts

Requirements for notifying the Commissioner-General when a resident contracts a non-resident.

Question

For the purpose of withholding tax, the Income Tax Act, 2016 (Act 896) requires a resident person who enters into a contract with a non-resident person which gives rise to income from Ghana to notify the Commissioner-General within thirty (30) days.

Required:

State the items that must be detailed in the notification to the Commissioner-General.

Answer

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Tags: Commissioner-General Notification, Income Tax Act, Non-resident taxation, Tax Compliance, Withholding Tax
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

Question

You have been engaged as an Accounts Officer in Abokobi LTD. Sales of GH¢10,000,000 were inadvertently under-declared. A team from the Ghana Revenue Authority (GRA) is at your premises conducting an audit. The GRA Audit Team did not review the sales revenue. After the audit, you noted that the amount constituting the under-declaration of the sales was mistakenly credited to the suppliers’ account in the ledger.

Required:

Detail out your position on the above as to what action to take.

Answer

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Tags: Financial Ethics, Financial Reporting, Ghana Revenue Authority (GRA), Tax Audit, Tax Compliance, Tax Penalty, Tax Regulations, Under-declared Sales
Level: Level 2

Topic: Tax Administration
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

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

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2024 – L2 – Q2a – Integration of Revenue Agencies into GRA

Explanation of the benefits resulting from the consolidation of revenue agencies into GRA.

Question

In 2009, the former revenue agencies (VAT, IRS, and CEPS) were consolidated into the Ghana Revenue Authority (GRA). This integration was anticipated to provide certain benefits to both taxpayers and the overall tax administration.

Required:

State FOUR benefits resulting from the integration of the revenue agencies into the GRA

Answer

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Tags: Ghana Revenue Authority, Revenue Agencies Integration, Tax Administration, Tax Compliance
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2024 – L2 – Q1b – Tax Decisions and Objections

Explanation of tax decisions and conditions under which objections to tax decisions are valid.

Question

b) Tax decisions by the Commissioner-General can lead to tax disputes. The taxpayer can object to a tax decision. Objection constitutes an inalienable right a taxpayer can exercise in any tax administration environment.

Required:

i) When do we say that the Commissioner-General has taken a tax decision?

ii) State FOUR circumstances under which an objection to a tax decision is considered valid before the Commissioner-General can act on it.

iii) What are the options available to the Commissioner-General when he receives an objection from a taxpayer?

Answer

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Tags: Commissioner-General, Compliance, Tax Decisions, Tax Objection, Taxpayer Rights
Level: Level 2

Topic: Tax Administration
Series: Nov 2024

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

Question

a) Explain the taxation principles of the following:

i) Resident individual
ii) Non-resident person
(5 marks)

Answer

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Tags: Ghana tax system, Global income, Non-resident person, Resident Individual, Taxation principles

Topic: Resident and Non-Resident Taxation, Tax Administration
Series: APR 2022

PT – April 2022 – L2 – Q2a – Value Added Tax (VAT)

Describe activities under VAT that do not require meeting the threshold rule before registration is done.

Question

a) Meeting the threshold is a requirement for VAT registration. Others may come under voluntary registration. However, certain activities must be registered despite the above rules.

Required:
Describe activities under VAT, which do not require meeting the threshold rule before registration is done.
(9 marks)

Answer

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Tags: Auctioneer, Promoter of public entertainment, Threshold rule, VAT exceptions, VAT Registration

Topic: Tax Administration, Value-Added Tax (VAT)
Series: APR 2022

PT – April 2022 – L2 – Q2c – Value Added Tax (VAT)

Explain what compulsory VAT registration entails under the VAT Act.

Question

c) What is Compulsory Registration under the types of VAT registration?
(2 marks)

Answer

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Tags: Compulsory registration, Ghana VAT Act, VAT enforcement, VAT Registration

Topic: Tax Administration, Value-Added Tax (VAT)
Series: APR 2022

PT – April 2022 – L2 – Q3e – Income Tax Liabilities

Calculate the tax liability on Bisa's bonus income for 2021

Question

Bisa works with Kaydei Ltd and earns an annual basic salary of GH¢140,000. He was paid a bonus of GH¢45,000 in 2021.

Required:
Determine the tax liability on the bonus.
(3 marks)

Answer

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Tags: Bonus payment, Employment Income, Individual Taxation, Tax Calculation

Topic: Income Tax Liabilities, Tax Administration
Series: APR 2022

PT – April 2022 – L2 – Q1c – Tax Administration

Calculate the taxes payable for each quarter for Bumu Manufacturing Company based on estimated chargeable income and tax paid.

Question

c) You have been offered an appointment by Bumu Manufacturing Company (BMC) as Tax Manager responsible for preparing and filing tax returns on behalf of the company. BMC files its returns with the Osu Medium Taxpayers Office of the Ghana Revenue Authority. The company’s Tax Identification Number is C0000261178. The company prepares accounts to 31 December each year.

BMC estimated its chargeable income for the 2019 year of assessment as GH¢3,000,000. Subsequently, the company secured a Government contract and anticipates in the third (3rd) quarter that its chargeable income would be GH¢4,500,000.

Additional Information:
Tax paid on account:
1st quarter GH¢100,000
2nd quarter GH¢120,000
3rd quarter GH¢200,000

Required:
Compute the taxes payable for BMC for each quarter.
(10 marks)

Answer

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Tags: chargeable income, Corporate Tax, Quarterly tax payment, Tax identification number, Tax return filing

Topic: Corporate Tax Liabilities, Tax Administration
Series: APR 2022

PT – July 2023 – L2 – Q1c – Tax Administration

Explanation of self-assessment, pre-emptive assessment, administrative assessment, and tax audit assessment.

Question

Explain the following as used in tax administration:
i) Self-Assessment
ii) Pre-emptive Assessment
iii) Administrative Assessment
iv) Tax Audit Assessment

(10 marks)

Answer

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Tags: Administrative Assessment, Pre-Emptive Assessment, Self Assessment., Tax Assessment, Tax Audit
Level: Level 2

Topic: Tax Administration
Series: JULY 2023

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

Question

Explain the 3-Tier scheme under the National Pension Act.

Answer

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Tags: 3-Tier Pension Scheme, Contributions, National Pension Act
Level: Level 2

Topic: Tax Administration
Series: MAY 2021

PT – May 2021 – L2 – Q1c – Tax Administration

Explain the objection processes according to the Revenue Administration Act, 2016 (Act 915).

Question

The Commissioner-General assessed Judah in the 2020 year of assessment, and he is dissatisfied with the assessment. Judah intends to seek redress with the Commissioner-General. He has contacted you for professional advice on objection processes.
Required:
Explain the objection processes as contained in the Revenue Administration Act, 2016 (Act 915) as amended.

Answer

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Tags: Appeals, Commissioner-General, Revenue Administration Act, Tax Objections
Level: Level 2

Topic: Tax Administration
Series: MAY 2021

PT – Aug 2022 – L2 – Q2c – Tax Administration

Explain the contribution rates and their distribution between the employer and employee under the 3-Tier Pension Scheme.

Question

What are the contribution rates and how are they distributed between the Employer and Employee, under the 3-Tier Scheme? (5 marks)

Answer

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Tags: 3-Tier System, Employee Contributions, Employer Contributions, Pension Scheme
Level: Level 2

Topic: Tax Administration
Series: AUG 2022

PT – Dec 2023 – L2 – Q1d – Tax Administration

Listing eight key elements contained in the Commissioner-General's notice of tax assessment.

Question

Where the Commissioner-General makes an assessment under a tax law, the Commissioner-General shall serve a written notice of the assessment on the taxpayer.

Required:
State EIGHT (8) elements contained in Commissioner-General’s notice of tax assessment. (5 marks)

Answer

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Tags: Commissioner-General, Tax Assessment, Tax law, Taxpayer Notice
Level: Level 2

Topic: Tax Administration
Series: DEC 2023

PT – Dec 2023 – L2 – Q1c – Tax Administration

Explanation of the circumstances under which the Commissioner-General may make a pre-emptive tax assessment.

Question

The Commissioner-General may, in the circumstances specified in section 28 (3) of the Revenue Administration Act, 2016 (Act 915), make a pre-emptive assessment of tax payable or to become payable by a person under a tax law whether or not the person is required to file a tax return.

Required:
Under what circumstance will the Commissioner-General make a pre-emptive assessment? (5 marks)

Answer

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Tags: Commissioner-General, Pre-Emptive Tax Assessment, Revenue Administration, Tax law
Level: Level 2

Topic: Tax Administration
Series: DEC 2023

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

Question

Distinguish between defined benefit schemes and defined contribution schemes.

Answer

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Tags: Defined Benefit, Defined Contribution, Pension Schemes, Retirement Benefits, Tax Reliefs
Level: Level 2

Topic: Tax Administration
Series: NOV 2021

PT – Nov 2021 – L2 – Q1d – Tax Administration

Explain the advantages of self-assessment for both the government and the taxpayer.

Question

State TWO (2) advantages each of self-assessment to the government and the taxpayer. (5 marks)

Answer

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Tags: Ghana Revenue Authority, Government benefits, Self Assessment., Tax Compliance, Taxpayer Benefits
Level: Level 2

Topic: Tax Administration
Series: NOV 2021

PT – Nov 2021 – L2 – Q1c – Tax Administration

Describe the circumstances under which the Commissioner-General may issue a pre-emptive tax assessment.

Question

In the circumstances specified in section 28 (3) of the Revenue Administration Act, 2016 (Act 915), the Commissioner-General may make a pre-emptive assessment of tax payable or to become payable by a person under a tax law, whether or not the person is required to file tax returns.

Required:
Under what circumstances would the Commissioner-General make a pre-emptive assessment?

Answer

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Tags: Ghana Revenue Authority, Pre-Emptive Assessment, Revenue Administration Act, Tax law
Level: Level 2

Topic: Tax Administration
Series: NOV 2021

PT – Nov 2020 – L2 – Q1e – Tax Administration

Explains steps to file tax returns for a sole proprietor and reasons for an adjusted assessment by the Commissioner-General.

Question

Paa Tee is a sole proprietor and has not filed his tax returns for 2018 year of assessment as at April 1, 2019. He has approached you to file his tax returns for him and from all indications, he has paid all his taxes based on the self-assessment estimate.

Required:
i) What steps (if any) will you take to enable Paa Tee file his tax return and are there any financial implications in filing? (2 marks)
ii) What factors may give rise to an adjusted assessment by the Commissioner-General?

Answer

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Tags: Adjusted Assessment, Penalties, Self Assessment., Tax Filing, Tax Returns
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

Topic: Tax Administration

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PT – Nov 2024 – L2 – Q5a – Notification to Commissioner-General for Non-Resident Contracts

Requirements for notifying the Commissioner-General when a resident contracts a non-resident.

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PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales

Action to be taken regarding an under-declared sales revenue during a tax audit.

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

Explanation of the objectives of the Withholding VAT Scheme.

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PT – Nov 2024 – L2 – Q2a – Integration of Revenue Agencies into GRA

Explanation of the benefits resulting from the consolidation of revenue agencies into GRA.

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PT – Nov 2024 – L2 – Q1b – Tax Decisions and Objections

Explanation of tax decisions and conditions under which objections to tax decisions are valid.

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PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

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PT – April 2022 – L2 – Q2a – Value Added Tax (VAT)

Describe activities under VAT that do not require meeting the threshold rule before registration is done.

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PT – April 2022 – L2 – Q2c – Value Added Tax (VAT)

Explain what compulsory VAT registration entails under the VAT Act.

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PT – April 2022 – L2 – Q3e – Income Tax Liabilities

Calculate the tax liability on Bisa's bonus income for 2021

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PT – April 2022 – L2 – Q1c – Tax Administration

Calculate the taxes payable for each quarter for Bumu Manufacturing Company based on estimated chargeable income and tax paid.

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PT – July 2023 – L2 – Q1c – Tax Administration

Explanation of self-assessment, pre-emptive assessment, administrative assessment, and tax audit assessment.

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PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

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PT – May 2021 – L2 – Q1c – Tax Administration

Explain the objection processes according to the Revenue Administration Act, 2016 (Act 915).

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PT – Aug 2022 – L2 – Q2c – Tax Administration

Explain the contribution rates and their distribution between the employer and employee under the 3-Tier Pension Scheme.

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PT – Dec 2023 – L2 – Q1d – Tax Administration

Listing eight key elements contained in the Commissioner-General's notice of tax assessment.

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PT – Dec 2023 – L2 – Q1c – Tax Administration

Explanation of the circumstances under which the Commissioner-General may make a pre-emptive tax assessment.

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PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

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PT – Nov 2021 – L2 – Q1d – Tax Administration

Explain the advantages of self-assessment for both the government and the taxpayer.

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PT – Nov 2021 – L2 – Q1c – Tax Administration

Describe the circumstances under which the Commissioner-General may issue a pre-emptive tax assessment.

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PT – Nov 2020 – L2 – Q1e – Tax Administration

Explains steps to file tax returns for a sole proprietor and reasons for an adjusted assessment by the Commissioner-General.

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