Final Tax – NBC Institute

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

Question

The following information is available to you as a tax consultant:

Description	Amount (GH¢)
Dividend paid to resident person	100,000
Dividend paid to non-resident person	200,000
Payment of goods to resident person	300,000
Payment of goods to non-resident person	400,000
Rent – residential property	150,000
Rent – commercial property	300,000
Natural Resource Payment	1,000,000
Management and Technical Service fees to non-resident	400,000
Interest paid to resident financial institution	20,000,000
Royalty paid to non-resident person	400,000

Required: Compute taxes from the above information and indicate whether the tax is final or not final.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dividend, Final Tax, Goods payment, Non-resident, Rent, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: JULY 2023

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

Question

The provisions of the Income Tax Act, 2015 (Act 896) require a resident person who pays an amount for works or the supply of goods and services to another resident or non-resident person with a source in Ghana to withhold tax from the payment at the rate specified under Paragraph 8 of the First Schedule of the Act and pay same to the Commissioner-General.

Required:
Explain with examples the following:
i) Final withholding tax. (2.5 marks)
ii) Withholding tax on account. (2.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Final Tax, Income Tax Act, Tax law, Tax on Account, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: DEC 2023

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

Question

The following information is available to you as a tax consultant:

Description	Amount (GH¢)
Dividend paid to resident person	100,000
Dividend paid to non-resident person	200,000
Payment of goods to resident person	300,000
Payment of goods to non-resident person	400,000
Rent – residential property	150,000
Rent – commercial property	300,000
Natural Resource Payment	1,000,000
Management and Technical Service fees to non-resident	400,000
Interest paid to resident financial institution	20,000,000
Royalty paid to non-resident person	400,000

Required: Compute taxes from the above information and indicate whether the tax is final or not final.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dividend, Final Tax, Goods payment, Non-resident, Rent, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: JULY 2023

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

Question

Required:
Explain with examples the following:
i) Final withholding tax. (2.5 marks)
ii) Withholding tax on account. (2.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Final Tax, Income Tax Act, Tax law, Tax on Account, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: DEC 2023

Question Tag: Final Tax

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Final Tax

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

You're reporting an error for "PT – July 2023 – L2 – Q5a – Withholding Tax Administration"

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

You're reporting an error for "PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration"

PT – July 2023 – L2 – Q5a – Withholding Tax Administration

Calculate taxes and determine whether each is final based on various transactions provided.

You're reporting an error for "PT – July 2023 – L2 – Q5a – Withholding Tax Administration"

PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the difference between final withholding tax and withholding tax on account with examples.

You're reporting an error for "PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration"

Our offerings

Contact Info

Customer

Get In Touch

admin