Question Tag: Ghana Revenue Authority

Search 500 + past questions and counting.

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

Question

You are a Senior Transfer Pricing Associate of Fameye and Associates. You have received the following email from a former client, Asew LTD, who has received a Transfer Pricing audit assessment from the Ghana Revenue Authority (GRA) for the 2021, 2022, and 2023 years of assessment.

Subject: Transfer Pricing Compliance Assistance

Hello Team,

I came to the office today and received a letter from the GRA regarding a tax assessment on transfer pricing issues. According to the letter, our company owes the GRA some penalties for non-compliance with the transfer pricing regulations. I am confused as to what our compliance obligations are. I would need your assistance on how we can comply with the transfer pricing laws of Ghana.

I hope to hear from you soon.

Kind regards,

Nii Armaah
Managing Director, Asew LTD

Required:

In line with the provisions of the Transfer Pricing Regulations, 2020 (L.I. 2412), draft a response for the review of your Tax Partner, covering the following:

(i) The required transfer pricing documentation that must be maintained by companies in Ghana under the three-tier transfer pricing documentation requirements, including the time by which these must be filed with the GRA, where applicable. (ii) TWO conditions or circumstances under which a company may be exempted from compliance with any of the above documentation requirements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Documentation, Ghana Revenue Authority, Multinational Entities, Tax Compliance, Tax Regulations, Transfer Pricing
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

PT- Nov 2024 – L2 – Q5d – Data Analytics in Taxation

Explain how data analytics can be used to detect tax evasion and provide examples of how GRA might use data analytics to enhance tax compliance.

Question

GRA’s use of data analytics has become increasingly important in identifying tax evasion and improving compliance.

Required:
i) Explain how data analytics can be used to detect tax evasion.
ii) Provide TWO examples of how GRA might use data analytics to enhance tax compliance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: AI in Taxation, Data Analytics, Fraud Detection, Ghana Revenue Authority, Predictive Analytics, Tax Compliance, Tax Enforcement, Tax Evasion
Level: Level 2

Topic: Application of Information Technology in Taxation
Series: Nov 2024

PT – Nov 2024 – L2 – Q5c – E-Auditing and Tax Compliance

Explain e-auditing, its differences from traditional tax audits, and discuss advantages for taxpayers and tax authorities.

Question

The integration of Information Technology in tax administration has enabled the Ghana Revenue Authority (GRA) to adopt e-auditing processes, allowing for the remote examination of taxpayers’ records. Required:
i) Describe the process of e-auditing and how it differs from traditional tax audits.
ii) Discuss TWO advantages of e-auditing for both the taxpayer and the tax authority.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Data Analytics, Digital Taxation, E-Auditing, Ghana Revenue Authority, Tax Compliance
Level: Level 2

Topic: Application of Information Technology in Taxation
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

Find Related Questions by Tags, levels, etc.

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

Topic: Tax Administration
Series: Nov 2024

PT – Nov 2023 – L2 – Q1c – Overview of the Ghanaian Tax System and Fiscal Policy

State five functions performed by the Ghana Revenue Authority.

Question

Ghana Revenue Authority has been charged to perform certain functions as enacted by Ghana Revenue Authority Act, 2009 (Act 791).

Required:
State FIVE (5) functions performed by Ghana Revenue Authority.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Tax Administration, Tax Functions
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

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

Explanation of the obligations of a withholding agent under the Ghanaian tax system.

Question

The retention of tax by one person when making payment to another person regarding the obligations of a withholding agent is sometimes described as an easy way of tax administration.

Required:
Explain the obligations of a withholding agent.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Filing Requirements, Ghana Revenue Authority, Tax law, Withholding Tax
Level: Level 2

Series: NOV 2023

PT – May 2020 – L2 – Q5c – Withholding Tax Administration

This question requires the computation of the penalty for late filing of withholding tax returns by Adamu Ltd.

Question

The following unstructured invoice has been forwarded to Adamu Ltd from Asigra Ltd, a standard rated supplier:
Goods invoiced (VAT inclusive) GH¢3,000,000 The above transactions relate to payment for goods in January 2019.
Required:
i) Compute the withholding tax payable by Adamu Ltd.
(2 marks)
Assuming Adamu Ltd filed the withholding tax return 12 days after the due date,
ii) compute the penalty payable.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Late Filing Penalty, Withholding Tax
Level: Level 2

Topic: Penalties, Tax administration in Ghana
Series: MAY 2020

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Question

Mr. Nyametse John is a member of Community Christ Church. Mr. Nyametse does not run a business, nor is he employed. In the 2018 year of assessment, he received the following from his Pastor, who just returned from the United Kingdom:

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Gift tax, Gifts, Income Tax, Non-resident
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – May 2020 – L2 – Q3a – Income Tax Liabilities

This question involves computing the assessable income for each partner in a partnership based on profit-sharing ratios and additional benefits.

Question

During the year ended 31 December 2018, the partnership of David, Stella, and Percy reported an adjusted profit of GH¢951,000 before charging partners’ salaries, interest on capital, and costs of traveling for leave.

Partner Profit/Loss Sharing Ratio Salaries (GH¢) Interest on Capital (GH¢) Cost of Traveling for Leave (GH¢)
David 3 48,000 30,000 20,000
Stella 2 72,000 20,000 30,000
Percy 1 96,000 10,000 25,000
Required:
Compute the assessable income for each partner.
(7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Income, Ghana Revenue Authority, Income Tax, Partnership
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – May 2020 – L2 – Q1c – Tax Administration

This question outlines the conditions that must be met by a company before the Commissioner-General can make a determination on a tax objection.

Question

Knaah-Shormeh Ltd has to settle Ghana Revenue Authority on the following tax liabilities:

Tax Liabilities Amount (GH¢)
Custom duties 1,000,000
Withholding Tax Surcharge 80,000
Value Added Tax 500,000
Corporate Tax 100,000
Total Liability 1,680,000
Additional Information:

50% of the Value Added Tax relates to imports.
The above came about from an adjusted assessment through an audit conducted and a report submitted on 31 January 2019.
The company has engaged Miracle Consultants, a firm of Tax Practitioners, to help it object to the assessment, claiming it is excessive and erroneous based on its facts and circumstances.
Required:
What conditions must be met by Knaah-Shormeh Ltd before the Commissioner-General makes a determination on the objection? (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax, Ghana Revenue Authority, Tax Administration, Tax Objection
Level: Level 2

Topic: Tax Administration
Series: MAY 2020

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

Find Related Questions by Tags, levels, etc.

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 – Q2d – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what constitutes exempt supplies under the VAT Act.

Question

What constitutes exempt supplies?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Exempt supplies, Ghana Revenue Authority, Supply of Goods, VAT, VAT Exemptions
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2021

PT – Nov 2021 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Explain under what condition goods applied for own consumption are treated as supply of goods.

Question

Under what condition are goods applied for own consumption treated as supply of goods?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Own Consumption, Supply of Goods, VAT, VAT Compliance
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2021

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

Question

One of the innovations by the Ghana Revenue Authority is the introduction of the Withholding VAT Scheme. The scheme is aimed at promoting tax compliance.

Required:
Explain FOUR (4) objectives of the scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Revenue Collection, Tax Compliance, VAT Scheme, Withholding VAT
Level: Level 2

Series: NOV 2021

PT – Nov 2021 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain the circumstances under which a taxable supply requires an adjustment in taxable value.

Question

There are circumstances where a taxable supply by a taxable person will require adjustment so that the trader pays the required taxes to the Ghana Revenue Authority.

Required:
Explain THREE (3) of such circumstances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Taxable Supply, Taxable Value, VAT Adjustments, VAT Compliance
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Topic: Tax Administration
Series: NOV 2021

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

Question

State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, sale-or-return, Taxable Goods, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

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

Find Related Questions by Tags, levels, etc.

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

Topic: Tax Administration
Series: MAR 2024

Question Tag: Ghana Revenue Authority

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance

Explain the required transfer pricing documentation and exemptions under Ghana’s Transfer Pricing Regulations, 2020 (L.I. 2412).

You're reporting an error for "AT – Nov 2024 – L3 – Q5a – Transfer Pricing Documentation and Compliance"

PT- Nov 2024 – L2 – Q5d – Data Analytics in Taxation

Explain how data analytics can be used to detect tax evasion and provide examples of how GRA might use data analytics to enhance tax compliance.

You're reporting an error for "PT- Nov 2024 – L2 – Q5d – Data Analytics in Taxation"

PT – Nov 2024 – L2 – Q5c – E-Auditing and Tax Compliance

Explain e-auditing, its differences from traditional tax audits, and discuss advantages for taxpayers and tax authorities.

You're reporting an error for "PT – Nov 2024 – L2 – Q5c – E-Auditing and Tax Compliance"

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

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

You're reporting an error for "PT – Nov 2024 – L2 – Q2a – Integration of Revenue Agencies into GRA"

PT – Nov 2023 – L2 – Q1c – Overview of the Ghanaian Tax System and Fiscal Policy

State five functions performed by the Ghana Revenue Authority.

You're reporting an error for "PT – Nov 2023 – L2 – Q1c – Overview of the Ghanaian Tax System and Fiscal Policy"

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

Explanation of the obligations of a withholding agent under the Ghanaian tax system.

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

PT – May 2020 – L2 – Q5c – Withholding Tax Administration

This question requires the computation of the penalty for late filing of withholding tax returns by Adamu Ltd.

You're reporting an error for "PT – May 2020 – L2 – Q5c – Withholding Tax Administration"

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

You're reporting an error for "PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances."

PT – May 2020 – L2 – Q3a – Income Tax Liabilities

This question involves computing the assessable income for each partner in a partnership based on profit-sharing ratios and additional benefits.

You're reporting an error for "PT – May 2020 – L2 – Q3a – Income Tax Liabilities"

PT – May 2020 – L2 – Q1c – Tax Administration

This question outlines the conditions that must be met by a company before the Commissioner-General can make a determination on a tax objection.

You're reporting an error for "PT – May 2020 – L2 – Q1c – Tax Administration"

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.

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

PT – Nov 2021 – L2 – Q2d – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what constitutes exempt supplies under the VAT Act.

You're reporting an error for "PT – Nov 2021 – L2 – Q2d – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2021 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Explain under what condition goods applied for own consumption are treated as supply of goods.

You're reporting an error for "PT – Nov 2021 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration

Explain the objectives of the Withholding VAT Scheme introduced by the Ghana Revenue Authority.

You're reporting an error for "PT – Nov 2021 – L2 – Q2b – Withholding Tax Administration"

PT – Nov 2021 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain the circumstances under which a taxable supply requires an adjustment in taxable value.

You're reporting an error for "PT – Nov 2021 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2021 – L2 – Q1d – Tax Administration

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

You're reporting an error for "PT – Nov 2021 – L2 – Q1d – Tax Administration"

PT – Nov 2021 – L2 – Q1c – Tax Administration

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

You're reporting an error for "PT – Nov 2021 – L2 – Q1c – Tax Administration"

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

You're reporting an error for "PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Mar 2024 – L2 – Q1d – Tax Administration

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

You're reporting an error for "PT – Mar 2024 – L2 – Q1d – Tax Administration"

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

admin