Minerals and mining – NBC Institute

AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

Question

Akwatia Gold Mines was established ten years ago. For the year ended 31 December 2020, the following income statement was prepared and submitted to the Ghana Revenue Authority as part of its financial statement.

Akwatia Gold Mines
Income Statement for the Year Ended 31/12/2020

The capital allowance agreed for the period was GH¢24,320,500.

Required:
a) Compute the chargeable income of the company and the tax payable. (15 marks)

b) Advise Akwatia Gold Mines on how to identify opportunities within the tax laws to optimise tax payable for the year ended 31 December 2020. (5 marks)

Answer

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Tags: Business income, chargeable income, Corporate Tax, Financial Statement, Minerals and mining, Tax computation, tax optimization
Level: Level 3

Topic: Business income - Corporate income tax, Minerals and mining
Series: NOV 2021

AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

Question

The following data relates to Nyametsew Mining Company for 2018 year of assessment. Production – 2,000,000 Ounces Revenue – GH¢10,000,000 Cost of Production – GH¢4,000,000

Required: Compute the Royalty Payable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Mineral taxation, Minerals and mining, Revenue-based royalty
Level: Level 3

Topic: Minerals and mining
Series: NOV 2019

AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

Question

Akwatia Gold Mines
Income Statement for the Year Ended 31/12/2020

The capital allowance agreed for the period was GH¢24,320,500.

Required:
a) Compute the chargeable income of the company and the tax payable. (15 marks)

b) Advise Akwatia Gold Mines on how to identify opportunities within the tax laws to optimise tax payable for the year ended 31 December 2020. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business income, chargeable income, Corporate Tax, Financial Statement, Minerals and mining, Tax computation, tax optimization
Level: Level 3

Topic: Business income - Corporate income tax, Minerals and mining
Series: NOV 2021

AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

Question

The following data relates to Nyametsew Mining Company for 2018 year of assessment. Production – 2,000,000 Ounces Revenue – GH¢10,000,000 Cost of Production – GH¢4,000,000

Required: Compute the Royalty Payable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Mineral taxation, Minerals and mining, Revenue-based royalty
Level: Level 3

Topic: Minerals and mining
Series: NOV 2019

Question Tag: Minerals and mining

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AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

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AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

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AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

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AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining

Compute the chargeable income and tax payable for Akwatia Gold Mines for 2020 and identify tax optimization opportunities.

You're reporting an error for "AT – Nov 2021 – L3 – Q4 – Business income – Corporate income tax | Minerals and mining"

AT – Nov 2019 – L3 – Q4c – Minerals and mining

Calculate the royalty payable for a mining company based on given production and revenue data

You're reporting an error for "AT – Nov 2019 – L3 – Q4c – Minerals and mining"

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