- 5 Marks
PT – May 2021 – L2 – Q5c – Income Tax Liabilities
Compute the gift tax payable by Madam Gifty Kums based on gifts received during her vetting.
Question
Madam Gifty Kums was appointed a Minister of State in 2018. On the occasion of her vetting by Parliament, she received the following gifts:
- Cash donation amounting to GH¢80,000 from her party foot soldiers within her constituency.
- A Toyota Land Cruiser worth GH¢1,000,000 from the Chief of her village.
- Cash of US$20,000 from her mother-in-law in Afghanistan (GH¢1 = US$5).
Required:
Compute the gift tax payable by Madam Gifty Kums.
Find Related Questions by Tags, levels, etc.
- Tags: Foreign Currency, Gift tax, Minister of State, Tax computation
- Level: Level 2
- Series: MAY 2021
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