Income Tax Act – NBC Institute

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 2023 – L2 – Q5c – Income Tax Liabilities

Define and distinguish between capital, depreciable, and investment assets under the Income Tax Act.

Question

Section 133 of the Income Tax Act, 2015 (Act 896) provides for the interpretation of capital assets, depreciable assets, and investment assets.

Required:
What are the distinguishing features of capital assets, depreciable assets, and investment assets under the above-mentioned legislation? (5 marks)

Answer

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Tags: Capital Assets, Definitions, Depreciable assets, Income Tax Act, Investment Assets
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

Question

Bansey Enterprise received a vehicle from Unilever as the best distributor of Unilever products.

Required:
Explain to the Managing Director of Bansey Enterprise how to treat the gift of the vehicle for tax purposes. (5 marks)

Answer

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Tags: Business Gifts, Business Profits, Corporate Tax, Gift tax, Income Tax Act
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – March 2023 – L2 – Q5d – Taxation of Capital Gains

Explain the transfer of an asset for no consideration under Section 45 of the Income Tax Act, 2015 (Act 896).

Question

Explain the transfer of asset for no consideration under section 45 of the Income Tax Act, 2015 (Act 896).

Answer

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Tags: Capital Gains, Income Tax Act, No Consideration, Taxation, Transfer of Assets
Level: Level 2

Topic: Taxation of Capital Gains
Series: MAR 2023

PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains

Explanation of the tax treatment for the realization of assets in the event of a merger, amalgamation, or reorganization.

Question

Explain the realization of an asset by way of merger, amalgamation, or reorganization under section 47 of Income Tax Act, 2015 (Act 896). (5 marks)

Answer

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Tags: Amalgamation, Asset Realization, Capital Gains, Income Tax Act, Merger, Reorganization
Level: Level 2

Topic: Taxation of Capital Gains
Series: DEC 2023

PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains

Calculation of capital gain on the realization of shares and the tax payable.

Question

Yaa Baby acquired shares in Adom Ltd as follows:

Date	Transaction	No. of shares	Share price	Value (GH¢)
01/02/19	Bought 1,000 shares	1,000	2.00	2,000
01/03/19	Bought 1,500 shares	1,500	2.50	3,750
01/06/20	Bought 2,000 shares	2,000	3.00	6,000
01/04/21	Bought 1,750 shares	1,750	4.00	7,000
01/12/21	Received rights issue (1 share for every 10 shares)	625	1.50	937.50
31/12/21	Sold 3,800 shares		6.00	22,800

Required:
Compute the capital gain on the realization and the tax payable. (5 marks)

Answer

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Tags: Capital gains tax, Income Tax Act, Share Sale, Tax computation, Tax law
Level: Level 2

Topic: Taxation of Capital Gains
Series: DEC 2023

PT – Dec 2023 – L2 – Q5b – Withholding Tax Administration

Explanation of the tax credit certificate and its significance in tax administration.

Question

Explain tax credit certificate and its importance in/to tax administration. (5 marks)

Answer

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Tags: Income Tax Act, Tax Administration, Tax Credit Certificate, Tax law, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: DEC 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

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

Topic: Withholding Tax Administration
Series: DEC 2023

PT – Aug 2022 – L2 – Q4b – Corporate Tax Liabilities

Explain what constitutes domestic and excluded expenditure under the Income Tax Act, 2015 (Act 896)

Question

According to Act 896, the Commissioner-General shall not allow a deduction in respect of domestic expenditure and excluded expenditure incurred by a person.
Required:
Explain what constitutes domestic expenditure and excluded expenditure in line with the provisions in the Income Tax Act, 2015 (Act 896). (10 marks)

Answer

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Tags: Domestic expenditure, Excluded Expenditure, Income Tax Act, Tax deduction
Level: Level 2

Topic: Corporate Tax Liabilities
Series: AUG 2022

PT – Aug 2022 – L2 – Q4a – Corporate Tax Liabilities

Discuss when an expenditure qualifies as a deductible expense under the Income Tax Act.

Question

For an expenditure to be an allowable deduction, there must be a direct connection between the expenditure and the business.
Required:
Discuss this statement in line with the provisions of the Income Tax Act, 2015 (Act 896).

Answer

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Tags: Allowable Deduction, Business Expenses, Income Tax Act, Tax law
Level: Level 2

Topic: Corporate Tax Liabilities
Series: AUG 2022

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

Required:

State the items that must be detailed in the notification to the Commissioner-General.

Answer

Find Related Questions by Tags, levels, etc.

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 2023 – L2 – Q5c – Income Tax Liabilities

Define and distinguish between capital, depreciable, and investment assets under the Income Tax Act.

Question

Section 133 of the Income Tax Act, 2015 (Act 896) provides for the interpretation of capital assets, depreciable assets, and investment assets.

Required:
What are the distinguishing features of capital assets, depreciable assets, and investment assets under the above-mentioned legislation? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Assets, Definitions, Depreciable assets, Income Tax Act, Investment Assets
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

Question

Bansey Enterprise received a vehicle from Unilever as the best distributor of Unilever products.

Required:
Explain to the Managing Director of Bansey Enterprise how to treat the gift of the vehicle for tax purposes. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Gifts, Business Profits, Corporate Tax, Gift tax, Income Tax Act
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2023

PT – March 2023 – L2 – Q5d – Taxation of Capital Gains

Explain the transfer of an asset for no consideration under Section 45 of the Income Tax Act, 2015 (Act 896).

Question

Explain the transfer of asset for no consideration under section 45 of the Income Tax Act, 2015 (Act 896).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Gains, Income Tax Act, No Consideration, Taxation, Transfer of Assets
Level: Level 2

Topic: Taxation of Capital Gains
Series: MAR 2023

PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains

Explanation of the tax treatment for the realization of assets in the event of a merger, amalgamation, or reorganization.

Question

Explain the realization of an asset by way of merger, amalgamation, or reorganization under section 47 of Income Tax Act, 2015 (Act 896). (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amalgamation, Asset Realization, Capital Gains, Income Tax Act, Merger, Reorganization
Level: Level 2

Topic: Taxation of Capital Gains
Series: DEC 2023

PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains

Calculation of capital gain on the realization of shares and the tax payable.

Question

Yaa Baby acquired shares in Adom Ltd as follows:

Date	Transaction	No. of shares	Share price	Value (GH¢)
01/02/19	Bought 1,000 shares	1,000	2.00	2,000
01/03/19	Bought 1,500 shares	1,500	2.50	3,750
01/06/20	Bought 2,000 shares	2,000	3.00	6,000
01/04/21	Bought 1,750 shares	1,750	4.00	7,000
01/12/21	Received rights issue (1 share for every 10 shares)	625	1.50	937.50
31/12/21	Sold 3,800 shares		6.00	22,800

Required:
Compute the capital gain on the realization and the tax payable. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital gains tax, Income Tax Act, Share Sale, Tax computation, Tax law
Level: Level 2

Topic: Taxation of Capital Gains
Series: DEC 2023

PT – Dec 2023 – L2 – Q5b – Withholding Tax Administration

Explanation of the tax credit certificate and its significance in tax administration.

Question

Explain tax credit certificate and its importance in/to tax administration. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Income Tax Act, Tax Administration, Tax Credit Certificate, Tax law, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: DEC 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

PT – Aug 2022 – L2 – Q4b – Corporate Tax Liabilities

Explain what constitutes domestic and excluded expenditure under the Income Tax Act, 2015 (Act 896)

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Domestic expenditure, Excluded Expenditure, Income Tax Act, Tax deduction
Level: Level 2

Topic: Corporate Tax Liabilities
Series: AUG 2022

PT – Aug 2022 – L2 – Q4a – Corporate Tax Liabilities

Discuss when an expenditure qualifies as a deductible expense under the Income Tax Act.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Allowable Deduction, Business Expenses, Income Tax Act, Tax law
Level: Level 2

Topic: Corporate Tax Liabilities
Series: AUG 2022

Question Tag: Income Tax Act

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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 2023 – L2 – Q5c – Income Tax Liabilities

Define and distinguish between capital, depreciable, and investment assets under the Income Tax Act.

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PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

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PT – March 2023 – L2 – Q5d – Taxation of Capital Gains

Explain the transfer of an asset for no consideration under Section 45 of the Income Tax Act, 2015 (Act 896).

You're reporting an error for "PT – March 2023 – L2 – Q5d – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains

Explanation of the tax treatment for the realization of assets in the event of a merger, amalgamation, or reorganization.

You're reporting an error for "PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains

Calculation of capital gain on the realization of shares and the tax payable.

You're reporting an error for "PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5b – Withholding Tax Administration

Explanation of the tax credit certificate and its significance in tax administration.

You're reporting an error for "PT – Dec 2023 – L2 – Q5b – 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 – Aug 2022 – L2 – Q4b – Corporate Tax Liabilities

Explain what constitutes domestic and excluded expenditure under the Income Tax Act, 2015 (Act 896)

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PT – Aug 2022 – L2 – Q4a – Corporate Tax Liabilities

Discuss when an expenditure qualifies as a deductible expense under the Income Tax Act.

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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.

You're reporting an error for "PT – Nov 2024 – L2 – Q5a – Notification to Commissioner-General for Non-Resident Contracts"

PT – Nov 2023 – L2 – Q5c – Income Tax Liabilities

Define and distinguish between capital, depreciable, and investment assets under the Income Tax Act.

You're reporting an error for "PT – Nov 2023 – L2 – Q5c – Income Tax Liabilities"

PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities

Explain the tax treatment for the gift of a vehicle received by a business under the Income Tax Act.

You're reporting an error for "PT – Nov 2023 – L2 – Q5d – Income Tax Liabilities"

PT – March 2023 – L2 – Q5d – Taxation of Capital Gains

Explain the transfer of an asset for no consideration under Section 45 of the Income Tax Act, 2015 (Act 896).

You're reporting an error for "PT – March 2023 – L2 – Q5d – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains

Explanation of the tax treatment for the realization of assets in the event of a merger, amalgamation, or reorganization.

You're reporting an error for "PT – Dec 2023 – L2 – Q5d – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains

Calculation of capital gain on the realization of shares and the tax payable.

You're reporting an error for "PT – Dec 2023 – L2 – Q5c – Taxation of Capital Gains"

PT – Dec 2023 – L2 – Q5b – Withholding Tax Administration

Explanation of the tax credit certificate and its significance in tax administration.

You're reporting an error for "PT – Dec 2023 – L2 – Q5b – 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 – Aug 2022 – L2 – Q4b – Corporate Tax Liabilities

Explain what constitutes domestic and excluded expenditure under the Income Tax Act, 2015 (Act 896)

You're reporting an error for "PT – Aug 2022 – L2 – Q4b – Corporate Tax Liabilities"

PT – Aug 2022 – L2 – Q4a – Corporate Tax Liabilities

Discuss when an expenditure qualifies as a deductible expense under the Income Tax Act.

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