Output Tax – NBC Institute

AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

Question

b) Bossman Ltd acquired assets for GH¢10,000 from outside Ghana but failed to claim Value Added Tax (VAT) on imports of the assets in accordance with the Value Added Tax provisions and later sold the assets for GH¢12,000.

Required:
What is the tax implication of the transaction (if any) in the light of the provisions of the VAT Act 2013 (Act 870)?
(5 marks)

Answer

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Tags: Asset sale, Input Tax, Output Tax, Tax implications, VAT, VAT Act 2013
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2017

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

Question

a) Eddie Enterprise Ltd imported a vehicle for GH¢30,000 and was denied the claim of input tax (VAT) on the imports in 2014 on the vehicle by the Ghana Revenue Authority. In 2017, it intends to sell the vehicle for an amount of GH¢26,000.

Required:

The Company seeks your views as a seasoned Tax Expert to advise on the possible tax implication of the above transaction.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Input Tax, Output Tax, Tax implications, VAT, Vehicle sale
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2017

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

Question

Under what circumstances will a taxable person be entitled to a tax refund or tax credit where the amount of input tax which is deductible exceeds the amount of output tax due in respect of the tax period. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Input Tax, Output Tax, Refund, Tax Credit, VAT
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2016

AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

Question

Required:
What is the tax implication of the transaction (if any) in the light of the provisions of the VAT Act 2013 (Act 870)?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset sale, Input Tax, Output Tax, Tax implications, VAT, VAT Act 2013
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2017

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

Question

Required:

The Company seeks your views as a seasoned Tax Expert to advise on the possible tax implication of the above transaction.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Input Tax, Output Tax, Tax implications, VAT, Vehicle sale
Level: Level 3

Topic: Business income - Corporate income tax
Series: MAY 2017

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Input Tax, Output Tax, Refund, Tax Credit, VAT
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2016

Question Tag: Output Tax

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AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

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Question Tag: Output Tax

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AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

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AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

You're reporting an error for "AT – May 2017 – L3 – Q4a – Business income – Corporate income tax"

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

You're reporting an error for "AT – May 2016 – L3 – Q4a – Tax administration in Ghana"

AT – May 2017 – L3 – Q4b – Business income – Corporate income tax

Explain the VAT implications on the sale of an asset after failing to claim VAT on its importation.

You're reporting an error for "AT – May 2017 – L3 – Q4b – Business income – Corporate income tax"

AT – May 2017 – L3 – Q4a – Business income – Corporate income tax

Provide tax advice on the sale of a vehicle, considering previous denial of input VAT claims, and explain the implications of the transaction.

You're reporting an error for "AT – May 2017 – L3 – Q4a – Business income – Corporate income tax"

AT – May 2016 – L3 – Q4a – Tax administration in Ghana

Explains the circumstances under which a taxable person can claim VAT refund or credit.

You're reporting an error for "AT – May 2016 – L3 – Q4a – Tax administration in Ghana"

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Contact Info

Customer

Get In Touch

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