Topic: Tax Compliance Framework

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Menuaa Manufacturing Limited (MML) produces iron rods for sale in both the domestic and foreign markets. The company is registered with the Ghana Revenue Authority for Value Added Tax (VAT). The company’s transactions during the month of October 2018 were as follows:

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

Unless otherwise stated Sales and Purchases are all Value Added Tax exclusive. National Health Insurance and GET Fund Levies are also exclusive except where it has been specifically stated.
Required:
a. You are required to calculate the NHIL and GET fund levies, VAT payable, if any, and Withholding Tax for October 2018.

b. State the last date when each payment is due.

Answer

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Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

Question

(a). The Ghana Revenue Authority Act, 2009 (Act 791) sets out the objectives to be achieved in the performance of its duties as an agency of the state responsible for the collection of both direct and indirect taxes.

Required:

Identify the functions that are set out in Act 791 that are to be performed by the Ghana Revenue Authority to enable it achieve the said objectives.

(b). Section 18 of Act 915, Revenue Administration Act, 2016 sets out prohibition on representation and tax advice.

Required:

Explain the conditions under which a person can act as a Tax Consultant.

(c). Section 100 of Act 915, Revenue Administration Act, 2016 provides guidelines to achieve consistency in the administration of the tax laws and provide guidance to affected persons. The Commissioner-General is therefore required to issue practice notes.

Required:

Explain the principles that guide the Commissioner-General in issuing practice notes.

Answer

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Tags: Act 915, Commissioner-General, Practice notes, Revenue Administration Act, Tax Law Guidance
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

Question

Fafali Ghana Limited produces aluminium roofing sheets for both the domestic market and exports to other West African countries. The company is registered with the Ghana Revenue Authority for Value Added Tax (VAT). The company’s transactions during the month of January, 2019 were as follows:

Item	GH¢
Sales (VAT Inclusive)	6,804,000.00
Exports to Sierra Leone (US Dollars)	120,000.00
Relief Supplies	148,000.00
Purchase of Modelling Equipment	160,500.00
Staff Training (VAT Inclusive)	10,800.00
Assembly of Equipment (US Dollars)	15,600.00
Alumina imported (All duties paid at importation)	141,750.00
Local Purchases	180,000.00

Unless otherwise stated, Sales and Purchases are all Value Added Tax exclusive. National Health Insurance and GET Fund Levies are also exclusive except where it has been specifically stated. The assembling of equipment was a payment made to a foreign consultant for the service rendered. The average exchange rate for the month was GH¢5.5 to one US dollar.

Required:

a) Calculate the NHIL and GET fund levies, VAT payable, if any, and Withholding Tax for January 2019.

b) State the last date when each payment is due.

Answer

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Tags: Indirect Taxes, Payment Due Dates, Tax Compliance
Level: Level 2

Topic: Tax Compliance Framework
Series: AUGUST 2020

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

Question

You are a Chartered Tax Practitioner in the employment of Owusu, Fianyo and Associates, a firm of Chartered Tax Practitioners. Owusu, Fianyo and Associates have acted as Tax Consultants to Sakaman Feed Millers Association, one of the firm’s biggest clients, which has increased in size and profitability over the past few years as a result of the policy of government to increase local production of chicken and to reduce its importation.

Mrs. Victoria Agbenyo, the Executive Secretary, is considering leaving the employment of Sakaman Feed Millers Association although she is yet to discuss this with her employer by the 31st December 2017. She joined the company on April 1, 2010. She intends to be a consultant in the Poultry Industry to members of the Association. She is yet to attain the compulsory retirement age and will be paid an end of service benefit of three month’s basic salary for every completed year of service. Her current annual basic salary is GH¢ 72,000.00. She is currently in the maximum individual tax rate.

Required:

a. Compute her liability, if any, on her End of Service benefit. (5 Marks)

b. Prepare guidelines for Mrs Victoria Agbenyo based on the following:

i. Show the relevant due dates for the payments of her tax liabilities and SSNIT contributions (5 Marks)

ii. Advise Mrs Victoria Agbenyo of any other tax administration requirements which her business will be required to comply with and the penalties for failing to comply. (11 Marks)

Answer

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Tags: Penalties, Registration, Tax Compliance, TIN
Level: Level 3

Topic: Tax Compliance Framework
Series: FEB 2017

ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

Question

a) The Mall Limited is a company registered under the Companies Act 1963, Act 179 and has been dealing in both taxable and non-taxable supplies. The company has been registered to operate as a VAT registered company. The company’s operations for August 2016 were as follows.

Description	GH¢
Total value of taxable supplies	1,451,125
Input Tax on Taxable Supplies	102,000
Input Tax which cannot be attributable directly to Supplies	45,000
Value of Exempt Supplies	300,000
Value of Relief Supplies	65,400

Required: Compute the input tax claimable by The Mall Limited for August 2016 and VAT payable, if any, for the same period.

b). NIMBOLA Limited is a company gazetted by the Commissioner-General of the Ghana Revenue Authority to be under self-assessment tax payment. During the 2016 year of assessment, the estimated Chargeable Income declared by the company was GH¢50,000. However, the actual Chargeable Income declared for the year per the Returns submitted to the Commissioner-General was GH¢80,000.

Required: Calculate (if any) the penalty for underestimation. Assume a statutory Bank of Ghana Discount rate of 25% for the year 2016. 14 marks.

Answer

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Tags: chargeable income, Penalty, Self Assessment., Underestimation
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2017

ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

Question

a). Under the provisions of the Internal Revenue Act, 2000 (Act 592), as amended a person’s income from an employment, as a general rule, is taxable. A person’s income from an employment is that person’s gains or profits from that employment. The gains or profits from an employment of a person include the allowances or benefits paid in cash or given in kind to, or on behalf of, that person from that employment.

As the Head of Tax Department of your company, you are required to indicate exceptions, if any, to the above general rule in your advisory capacity to your Managing Director, who is scheduled to make a presentation to strategic investors of your company. (10 Marks)

b). The Ghana Revenue Authority is in the process of abolishing the Provisional Assessments under section 76 of the Internal Revenue Act, 2000, (Act 592), as amended and instead, fully roll out the Self-assessment under section 78 of the Internal Revenue Act, 2000, (Act 592), as amended to all taxpayers (at the Large Taxpayer Office, Medium Taxpayer Offices, and Small Taxpayer Offices). As a tax consultant, you have been invited by the Association of Ghana Industries to speak to its members on the topic “The Merits of Self-assessment”.

You are required to state briefly only five (5) of the benefits or importance of Self-assessment. (10 Marks)

Answer

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Tags: Provisional Assessment, Self Assessment., Tax Compliance, Tax Planning
Level: Level 2

Topic: Tax Compliance Framework
Series: FEB 2016

ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

Question

(a). Mr. Tanko Alhassan is the Head of Customer Service Department of Saabhot Company Limited. The following information is extracted from his Tax Return for 2014 year of assessment.

	GH¢
Basic salary (2014)	144,000.00
Responsibility allowance	3,600.00
Professional allowance	2,500.00
House-Help allowance	2,800.00
Entertainment allowance	4,500.00

Mr. Tanko Alhassan was paid a bonus of GH¢45,800.00 by his employer on 27th February 2015 in respect of his performance for the year 2014. He uses his own private car for official duties for which he was given a monthly reimbursable fuel allowance of GH¢1,000.00. He is a divorcee with two children who attends Christ the King Junior High School in Accra. As part of the company’s policy to support brilliant children, each of Mr. Tanko Alhassan’s children are on an annual educational bursary of GH¢3,000.00.

He contributes 5.5% of his salary to the Social Security Scheme and an additional 5% to a Staff Provident Fund Scheme under the National Pensions Act, 2008 (Act 766). His employer, Saabhot Company Limited contributes on his behalf 13% and 5% of his salary to the Social Security Scheme and the Staff Provident Fund Scheme respectively.

You are required to compute the tax liability of Mr. Tanko Alhassan for the 2014 year of assessment.

(b). Under section 72 of the Internal Revenue Act, 2000 (Act 592) as amended, persons are generally required to furnish Returns of Income to the Ghana Revenue Authority. Except as may be required by the Commissioner-General by notice in writing that a person files a return, the Internal Revenue Act, 2000 (Act 592) as amended, provides exception from filing of Return of Income.

You are required to indicate only three circumstances where the filing of a Return of Income is not required under the Internal Revenue Act, 2000 (Act 592) as amended.

Answer

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Tags: Exemptions, Income Tax, Non-resident, Tax Returns, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2015

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

Question

Transactions	GH¢
Sales (VAT Inclusive)	756,000
Exports to Sierra Leone	120,000
Relief Supplies	48,000
Purchase of Rolling Equipment	55,500
Hotel Expenses for Staff at a workshop on the new amendment on the VAT law. (VAT Inclusive)	4,500
Stationery purchased for Administration work	15,600
Iron Ingot imported (CIF)	141,750
Local Purchases	50,000

b. State the last date when each payment is due.

Answer

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Tags: GET Fund, NHIL, Tax Deadlines, VAT, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

Question

Required:

Identify the functions that are set out in Act 791 that are to be performed by the Ghana Revenue Authority to enable it achieve the said objectives.

(b). Section 18 of Act 915, Revenue Administration Act, 2016 sets out prohibition on representation and tax advice.

Required:

Explain the conditions under which a person can act as a Tax Consultant.

Required:

Explain the principles that guide the Commissioner-General in issuing practice notes.

Answer

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Tags: Act 915, Commissioner-General, Practice notes, Revenue Administration Act, Tax Law Guidance
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2019

ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

Question

Item	GH¢
Sales (VAT Inclusive)	6,804,000.00
Exports to Sierra Leone (US Dollars)	120,000.00
Relief Supplies	148,000.00
Purchase of Modelling Equipment	160,500.00
Staff Training (VAT Inclusive)	10,800.00
Assembly of Equipment (US Dollars)	15,600.00
Alumina imported (All duties paid at importation)	141,750.00
Local Purchases	180,000.00

Required:

a) Calculate the NHIL and GET fund levies, VAT payable, if any, and Withholding Tax for January 2019.

b) State the last date when each payment is due.

Answer

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Tags: Indirect Taxes, Payment Due Dates, Tax Compliance
Level: Level 2

Topic: Tax Compliance Framework
Series: AUGUST 2020

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

Question

Required:

a. Compute her liability, if any, on her End of Service benefit. (5 Marks)

b. Prepare guidelines for Mrs Victoria Agbenyo based on the following:

i. Show the relevant due dates for the payments of her tax liabilities and SSNIT contributions (5 Marks)

ii. Advise Mrs Victoria Agbenyo of any other tax administration requirements which her business will be required to comply with and the penalties for failing to comply. (11 Marks)

Answer

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Tags: Penalties, Registration, Tax Compliance, TIN
Level: Level 3

Topic: Tax Compliance Framework
Series: FEB 2017

ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

Question

Description	GH¢
Total value of taxable supplies	1,451,125
Input Tax on Taxable Supplies	102,000
Input Tax which cannot be attributable directly to Supplies	45,000
Value of Exempt Supplies	300,000
Value of Relief Supplies	65,400

Required: Compute the input tax claimable by The Mall Limited for August 2016 and VAT payable, if any, for the same period.

Required: Calculate (if any) the penalty for underestimation. Assume a statutory Bank of Ghana Discount rate of 25% for the year 2016. 14 marks.

Answer

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Tags: chargeable income, Penalty, Self Assessment., Underestimation
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2017

ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

Question

You are required to state briefly only five (5) of the benefits or importance of Self-assessment. (10 Marks)

Answer

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Tags: Provisional Assessment, Self Assessment., Tax Compliance, Tax Planning
Level: Level 2

Topic: Tax Compliance Framework
Series: FEB 2016

ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

Question

(a). Mr. Tanko Alhassan is the Head of Customer Service Department of Saabhot Company Limited. The following information is extracted from his Tax Return for 2014 year of assessment.

	GH¢
Basic salary (2014)	144,000.00
Responsibility allowance	3,600.00
Professional allowance	2,500.00
House-Help allowance	2,800.00
Entertainment allowance	4,500.00

You are required to compute the tax liability of Mr. Tanko Alhassan for the 2014 year of assessment.

You are required to indicate only three circumstances where the filing of a Return of Income is not required under the Internal Revenue Act, 2000 (Act 592) as amended.

Answer

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Tags: Exemptions, Income Tax, Non-resident, Tax Returns, Withholding Tax
Level: Level 2

Topic: Tax Compliance Framework
Series: AUG 2015

Topic: Tax Compliance Framework

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

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ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

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ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

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ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

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ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

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ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

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ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

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ATP – Aug 2019 – L2 – Q2 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Menuaa Manufacturing for October 2018.

You're reporting an error for "ATP – Aug 2019 – L2 – Q2 – Indirect Taxes"

ATP – Aug 2019 – L2 – Q1 – Tax Administration

Identify functions of Ghana Revenue Authority under Act 791 for tax collection objectives.

You're reporting an error for "ATP – Aug 2019 – L2 – Q1 – Tax Administration"

ATP – Aug 2020 – L2 – Q1 – Indirect Taxes

Calculate NHIL, GET Fund, VAT, and Withholding Tax for Fafali Ghana Limited for January 2019.

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ATP – Feb 2017 – L3 – Q4 – End of Service Benefit

Compute tax liability on end of service benefit for Mrs. Victoria Agbenyo.

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ATP – Aug 2017 – L2 – Q1 – Indirect Taxes

Compute input tax claimable and VAT payable for The Mall Limited for August 2016.

You're reporting an error for "ATP – Aug 2017 – L2 – Q1 – Indirect Taxes"

ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions

List exceptions to the general rule that employment income, including allowances and benefits, is taxable under Act 592.

You're reporting an error for "ATP – Feb 2016 – L2 – Q5 – Employment Income Exceptions"

ATP – Aug 2015 – L2 – Q5 – Tax Compliance Framework

List three circumstances where filing a Return of Income is not required under the Internal Revenue Act.

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