Income Tax Act 2015 (Act 896)

TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

Question

i) What constitutes domestic expenditure? (2 marks)
ii) What constitutes excluded expenditure? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deductibility, Domestic expenditure, Excluded Expenditure, Income Tax Act 2015 (Act 896), Tax deduction
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2019

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

Question

b) At a tax seminar organised by The Institute of Chartered Accountants (Ghana) in December 2016, the issue of tax implications for finance lease arrangement dominated the discussion. The facilitator said that both the lessor and the lessee shall be denied capital allowance under the tax law.

The facilitator intimated that capital allowance is granted to persons who acquire assets and own them and use such to generate business income. Both the lessor and the lessee, consequently do not qualify for capital allowance under the Income Tax Act (Act 896), 2015 and its regulations, he added.

Required:
As a tax advisor, submit a response to the above based on the tax provisions. The response is to be published in the Institute’s Journal. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Depreciable assets, Finance lease, Income Tax Act 2015 (Act 896), Tax deduction
Level: Level 3

Topic: Tax planning
Series: MAY 2019

TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

Question

i) What constitutes domestic expenditure? (2 marks)
ii) What constitutes excluded expenditure? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deductibility, Domestic expenditure, Excluded Expenditure, Income Tax Act 2015 (Act 896), Tax deduction
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2019

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

Question

Required:
As a tax advisor, submit a response to the above based on the tax provisions. The response is to be published in the Institute’s Journal. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Depreciable assets, Finance lease, Income Tax Act 2015 (Act 896), Tax deduction
Level: Level 3

Topic: Tax planning
Series: MAY 2019

Question Tag: Income Tax Act 2015 (Act 896)

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TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

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Question Tag: Income Tax Act 2015 (Act 896)

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TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

You're reporting an error for "TX – May 2019 – L3 – Q2C – Capital Allowance"

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

You're reporting an error for "TX – May 2019 – L3 – Q3B – Tax planning"

TX – May 2019 – L3 – Q2C – Capital Allowance

Discuss the concepts of domestic and excluded expenditure according to the Income Tax Act 2015 (Act 896) and their implications on tax deductions.

You're reporting an error for "TX – May 2019 – L3 – Q2C – Capital Allowance"

TX – May 2019 – L3 – Q3B – Tax planning

Discuss the tax implications of finance lease arrangements, particularly concerning the eligibility for capital allowance under the Income Tax Act 2015 (Act 896).

You're reporting an error for "TX – May 2019 – L3 – Q3B – Tax planning"

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