Tax Administration – Page 4

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 – Nov 2020 – L2 – Q1d – Tax Administration

Explains the condition under which overpaid tax can be used to offset a liability in another tax category.

Question

Under what condition will a taxpayer who has overpaid tax in one tax type be used to offset another tax type or category?

Answer

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Tags: Overpaid Tax, Tax Category Offset, Tax Offsets, Taxpayer Rights
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

PT – Nov 2020 – L2 – Q1c – Tax Administration

Computes the interest payable on overdue tax liability for a specific period and tax rate.

Question

The following tax outstanding is relevant to the records of Bobolibobo Ltd:

Amount: GH¢200,000
Period of tax outstanding: 6 months
Statutory rate (annual): 20%

Required:
Compute the interest payable and the total tax liability from the above.

Answer

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Tags: Interest Computation, Overdue Tax Liability, Statutory Interest Rate
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

PT – Nov 2020 – L2 – Q1b – Tax Administration

Explains the DACF and lists its functions within the context of decentralization and fiscal responsibility.

Question

Financial responsibility is a core component of decentralization. If local governments are to carry out decentralized functions effectively, they must have an adequate level of revenues either raised locally or transferred from the central government. In Ghana, one medium for intergovernmental fiscal transfers is the District Assembly Common Fund.

Required:
Explain briefly what the District Assembly Common Fund is and state FOUR (4) functions of the District Assembly Common Fund.

Answer

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Tags: Decentralization, District Assembly Common Fund, Local Governance, Tax Administration
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

PT – Nov 2020 – L2 – Q1a – Tax Administration

Describes the functions of the Board of the GRA and the Commissioner-General.

Question

The Board of Ghana Revenue Authority is to ensure the proper and effective performance of the functions of the Ghana Revenue Authority.

i) Describe THREE (3) functions of the Board of Ghana Revenue Authority. (3 marks)
ii) State TWO (2) functions performed by the Commissioner-General of the Ghana Revenue Authority. (2 marks)

Answer

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Tags: Commissioner-General, GRA Board, Tax Administration
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

PT – Mar 2024 – L2 – Q1d – Tax Administration

State five benefits of integrating the revenue agencies into the Ghana Revenue Authority (GRA).

Question

The erstwhile revenue agencies (VAT, IRS & CEPS) were integrated into the Ghana Revenue Authority (GRA) in 2009. It was envisaged that the integration of the Revenue Agencies would bring certain benefits to taxpayers and tax administration.

Required:
State FIVE (5) of such benefits. (5 marks)

Answer

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

Topic: Tax Administration
Series: MAR 2024

PT – Mar 2024 – L2 – Q1a – Tax Administration

Explain the benefits of the new tax administration reforms in Ghana for taxpayers and GRA.

Question

In recent years, the Ghana Revenue Authority (GRA) has embarked on some tax administrative reforms. One of the key administrative reforms is the merger of the Medium Taxpayer Office (MTO) and Small Taxpayer Office (STO) systems in the management of taxpayers, which has resulted in the introduction of the Taxpayer Services Centres (TSCs) concept whereby taxpayers are migrated to tax offices closer to their business locations, irrespective of their turnovers.

Required:

i) Explain TWO (2) benefits of the new tax administration reform to the taxpayer. (2 marks)

ii) Explain THREE (3) benefits of the new tax administration reform to the GRA. (3 marks)

Answer

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Tags: Administrative Reforms, Ghana Revenue Authority, Tax Administration, Taxpayer Benefits
Level: Level 2

Topic: Tax Administration
Series: MAR 2024

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.

You're reporting an error for "PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales"

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 – Nov 2020 – L2 – Q1d – Tax Administration

Explains the condition under which overpaid tax can be used to offset a liability in another tax category.

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PT – Nov 2020 – L2 – Q1c – Tax Administration

Computes the interest payable on overdue tax liability for a specific period and tax rate.

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PT – Nov 2020 – L2 – Q1b – Tax Administration

Explains the DACF and lists its functions within the context of decentralization and fiscal responsibility.

You're reporting an error for "PT – Nov 2020 – L2 – Q1b – Tax Administration"

PT – Nov 2020 – L2 – Q1a – Tax Administration

Describes the functions of the Board of the GRA and the Commissioner-General.

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PT – Mar 2024 – L2 – Q1d – Tax Administration

State five benefits of integrating the revenue agencies into the Ghana Revenue Authority (GRA).

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PT – Mar 2024 – L2 – Q1a – Tax Administration

Explain the benefits of the new tax administration reforms in Ghana for taxpayers and GRA.

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