Ghanaian Tax System – NBC Institute

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

Question

Taxation system can be classified in many ways. It could be based on the method used in the computation of the tax or based on the incidence/responsibility for the payment of the tax.

Required:
Explain the structural or classification of the Ghanaian tax system.
(5 marks)

Answer

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Tags: Ghanaian Tax System, Tax Classification, Tax Structure
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

Question

Shika, Bekwai, and Sena, who are in partnership, have agreed to share profits and losses in the ratio of 2:2:3, respectively. During the year ended 31 December 2018, their books showed an adjusted profit of GH¢210,000 after accounting for the following:

	Shika	Bekwai	Sena
Salaries	70,000	80,000	150,000
Interest on Capital	12,000	16,000	12,000
Partners’ Drawings	6,000	4,000	10,000

You are given the following additional information:
i) Shika is married with two children who are in school and maintained two dependent relatives, who are more than 60 years, on which she spends GH¢10,000 annually.
ii) Shika also has a life assurance policy on herself attracting capital sum of GH¢1,600,000 but pays annual premium of GH¢1,800.
iii) Bekwai took a mortgage for his building and has been paying GH¢4,000 per month as mortgage interest.
iv) Bekwai is undertaking a two-week training program to update his knowledge on how to manage accounting software used in partnership businesses. He has spent GH¢1,500 on the training.
v) Bekwai received a television as a gift valued at GH¢3,000 for being the best worker in 2018 in Ghana.
vi) Sena is 62 years old and unmarried but has three dependent children while Bekwai is also unmarried but has one child who is schooling in Ghana.

Required:
a) Compute the assessable income for each partner for the year 2018. (10 marks)
b) The partnership business has some casual workers, temporary workers, and part-time workers. What are the taxation rules and tax liabilities of such workers? (6 marks)
c) Shika is an ‘international woman’ who travels often. There was confusion in 2018 as to whether she should be taxed as a resident or non-resident. What constitutes a resident individual for taxation purposes in Ghana? (4 marks)

Answer

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Tags: Assessable Income, Ghanaian Tax System, Partnerships, Resident and Non-Resident Tax, Workers’ Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: NOV 2020

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

Question

i) What is Taxable Activity under Value Added Tax? (1 mark)

ii) Identify FIVE (5) examples of taxable activities. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghanaian Tax System, Services, Supply of Goods, Taxable Activities, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

Question

Taxation system can be classified in many ways. It could be based on the method used in the computation of the tax or based on the incidence/responsibility for the payment of the tax.

Required:
Explain the structural or classification of the Ghanaian tax system.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghanaian Tax System, Tax Classification, Tax Structure
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAY 2020

PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

Question

	Shika	Bekwai	Sena
Salaries	70,000	80,000	150,000
Interest on Capital	12,000	16,000	12,000
Partners’ Drawings	6,000	4,000	10,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Income, Ghanaian Tax System, Partnerships, Resident and Non-Resident Tax, Workers’ Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: NOV 2020

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

Question

i) What is Taxable Activity under Value Added Tax? (1 mark)

ii) Identify FIVE (5) examples of taxable activities. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghanaian Tax System, Services, Supply of Goods, Taxable Activities, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

Question Tag: Ghanaian Tax System

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PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

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Question Tag: Ghanaian Tax System

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PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

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PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

You're reporting an error for "PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities"

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

You're reporting an error for "PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – May 2020 – L2 – Q1a – Income Tax Liabilities

Explains the structural classification of the Ghanaian tax system.

You're reporting an error for "PT – May 2020 – L2 – Q1a – Income Tax Liabilities"

PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities

Compute the assessable income for partners, explain the taxation rules for different workers, and define resident individual for tax purposes.

You're reporting an error for "PT – Nov 2020 – L2 – Q3 – Income Tax Liabilities"

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

You're reporting an error for "PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties"

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