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The Directors of Poyooyo LTD have heard of the Maxims of Tax Planning, which outline strategies for minimizing tax liabilities legally.
In a recent visit by the Domestic Tax Revenue Division of the Ghana Revenue Authority (GRA), the Large Taxpayers Office (LTO) in Accra conducted a tax audit on the company, resulting in tax assessments raised against Poyooyo LTD for settlement.
Management of the company, in their last meeting with the directors, presented the outcome of the tax audit and strongly argued that the assessment was erroneous. They claimed that the liabilities raised were based on legitimate tax planning strategies the company employed.
They believe that the company is in full compliance with the tax laws and should not be required to settle the tax liabilities assessed. However, payment of the liability would significantly impact the company’s cash flow and disrupt its operations.
Poyooyo LTD has approached your tax consulting firm for assistance and guidance.
Required:
Advise Poyooyo LTD on the provisions of the tax laws that could be taken advantage of to avert the payment of the liability.
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Akosua Sokode has set up a small business to sell cosmetics in Accra. She just called you, an associate member of the Institute of Chartered Accountants Ghana, to seek your advice on tax returns and payment of taxes. Akosua Sokode told you that she cannot meet her tax payment deadlines and cannot file tax returns by the due dates. She also confided in you that maintenance of documents is a big problem for her.
Required:
Address the concerns of Akosua Sokode by briefing her on the following:
i) THREE factors regarding the extension of time for filing tax returns.
ii) TWO circumstances under which the Commissioner-General may request for filing of tax returns before the due date.
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The Commissioner-General assessed Judah in the 2020 year of assessment, and he is dissatisfied with the assessment. Judah intends to seek redress with the Commissioner-General. He has contacted you for professional advice on objection processes.
Required:
Explain the objection processes as contained in the Revenue Administration Act, 2016 (Act 915) as amended.
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In the circumstances specified in section 28 (3) of the Revenue Administration Act, 2016 (Act 915), the Commissioner-General may make a pre-emptive assessment of tax payable or to become payable by a person under a tax law, whether or not the person is required to file tax returns.
Required:
Under what circumstances would the Commissioner-General make a pre-emptive assessment?
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The Directors of Poyooyo LTD have heard of the Maxims of Tax Planning, which outline strategies for minimizing tax liabilities legally.
In a recent visit by the Domestic Tax Revenue Division of the Ghana Revenue Authority (GRA), the Large Taxpayers Office (LTO) in Accra conducted a tax audit on the company, resulting in tax assessments raised against Poyooyo LTD for settlement.
Management of the company, in their last meeting with the directors, presented the outcome of the tax audit and strongly argued that the assessment was erroneous. They claimed that the liabilities raised were based on legitimate tax planning strategies the company employed.
They believe that the company is in full compliance with the tax laws and should not be required to settle the tax liabilities assessed. However, payment of the liability would significantly impact the company’s cash flow and disrupt its operations.
Poyooyo LTD has approached your tax consulting firm for assistance and guidance.
Required:
Advise Poyooyo LTD on the provisions of the tax laws that could be taken advantage of to avert the payment of the liability.
Find Related Questions by Tags, levels, etc.
Akosua Sokode has set up a small business to sell cosmetics in Accra. She just called you, an associate member of the Institute of Chartered Accountants Ghana, to seek your advice on tax returns and payment of taxes. Akosua Sokode told you that she cannot meet her tax payment deadlines and cannot file tax returns by the due dates. She also confided in you that maintenance of documents is a big problem for her.
Required:
Address the concerns of Akosua Sokode by briefing her on the following:
i) THREE factors regarding the extension of time for filing tax returns.
ii) TWO circumstances under which the Commissioner-General may request for filing of tax returns before the due date.
Find Related Questions by Tags, levels, etc.
The Commissioner-General assessed Judah in the 2020 year of assessment, and he is dissatisfied with the assessment. Judah intends to seek redress with the Commissioner-General. He has contacted you for professional advice on objection processes.
Required:
Explain the objection processes as contained in the Revenue Administration Act, 2016 (Act 915) as amended.
Find Related Questions by Tags, levels, etc.
In the circumstances specified in section 28 (3) of the Revenue Administration Act, 2016 (Act 915), the Commissioner-General may make a pre-emptive assessment of tax payable or to become payable by a person under a tax law, whether or not the person is required to file tax returns.
Required:
Under what circumstances would the Commissioner-General make a pre-emptive assessment?
Find Related Questions by Tags, levels, etc.
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