Question Tag: Tax Exemptions

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PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

Question

Madam Tanaa is an employee of Tapoli Brewery Ghana LTD. Her husband, who is a retired staff of Tapoli Brewery LTD, gifted her a brand-new Toyota Camry costing GH¢270,000 on their 20th wedding anniversary. Madam Tanaa is worried about the tax implication of the gift and has approached you as a student learning tax at the Institute of Chartered Accountants, Ghana.

Required:
Advise Madam Tanaa on the tax implications of the gift of a Toyota Camry she received from her husband on their wedding anniversary, including the various options available to her.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Income Tax, Spousal Gifts, Tax Exemptions, Tax Reliefs
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits

Explanation of the Nigerian-UK Double Taxation Agreement provisions, exempted foreign incomes, conflict resolution mechanisms, and tax treaty benefits.

Question

A notable State‟s Chamber of Commerce and Industries has invited you and three
other tax consultants to their quarterly interactive forum, tagged “The Nigerian
Double Taxation Agreement with the UK.” The participants are top private sector
based industrialists who will be visiting the United Kingdom on a trade mission
next week.

Required:

As the lead discussant, you are to prepare a paper explaining the provisions of the Nigerian double taxation agreements with the United Kingdom in respect of:

i. Income arising from immovable properties (2 Marks)
ii. Business profits not arising through a permanent establishment (2 Marks)
iii. Profits or gains arising from the operations of ships and aircraft in international traffic (2 Marks)
iv. Dividends derived by a company resident in one country from a company resident in another country (2 Marks)
v. Interest arising in one country and paid to a resident of the other country (2 Marks)

b. State THREE foreign incomes exempted from Nigerian tax. (3 Marks)

c. Discuss THREE widely recognised resolution mechanisms being used by the Nigerian government to mitigate the effect of the conflicts between double taxation agreements and Nigerian tax laws. (3 Marks)

d. Explain FOUR benefits of double taxation agreements. (4 Marks)

(Total: 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Taxation, Foreign income, International Taxation, Tax Conflict Resolution, Tax Exemptions, Tax treaties, Trade Missions, UK-Nigeria Tax Agreement
Level: Level 3

Topic: Double Taxation Reliefs and Credits
Series: NOV 2023

TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement

Explain dividends exempted from Withholding Tax.

Question

Briefly explain THREE dividends exempted from Withholding Tax.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dividends, Tax Exemptions, Withholding Tax
Level: Level 2

Topic: Tax Administration and Enforcement, The Nigerian Tax System
Series: MAY 2018

PT – Aug 2022 – L2 – Q5b – Withholding Tax Administration

Explain two circumstances where withholding taxes are exempt.

Question

Explain TWO (2) circumstances under which withholding taxes are exempt.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax, Tax Exemptions, Tax law, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: AUG 2022

TF – May 2018 – L3 – Q3b – Tax planning

Briefly explain tax holiday, tax exemptions, tax reliefs, and tax rebates.

Question

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible.

Required:
Briefly explain the following terms with respect to tax planning:
i) Tax holiday
ii) Tax exemptions
iii) Tax relief
iv) Tax rebates/refund
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Tax Exemptions, Tax Holiday, Tax Planning, Tax rebates, Tax Relief
Level: Level 3

Topic: Tax planning
Series: MAY 2018

AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana

Discussing the circumstances where withholding tax applies on payments and identifying transactions that are exempt from withholding tax.

Question

Lakeside Exploration Ghana Ltd and Gasoil Energy Extraction Ltd are joint venture
partners who have 50% and 35% interest respectively in the Volta Offshore Field Ghana
Ltd. The agreement between the joint venture partners and the Government of Ghana
provides for Royalty of 5%, Initial Carried Interest of 10%, Additional Participating
Interest of 5%, and corporate tax rate of 35%.
Production commenced in the Volta Offshore Field Ghana Ltd in 2021. Information
available on the Volta Offshore Field Ghana Ltd is as follows:

Exploration Costs GH¢500,000,000
Development Cost GH¢4,000,000,000
Average production cost per barrel GH¢10
Average Price of crude oil per barrel GH¢50
Actual oil Production in 2021 100,000,000 barrels
Required:
i) State FOUR (4) payments or transactions on which withholding tax is applicable.
ii) Identify FOUR (4) payments or transactions that are exempt from withholding tax.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Tax Administration, Tax Exemptions, Tax payments, Withholding Tax
Level: Level 3

Topic: Tax administration in Ghana
Series: DEC 2023

AT – Dec 2023 – L3 – Q3b – Tax planning

Discussing the tax implications and benefits available to companies engaged in farming and agro-processing sectors in Ghana.

Question

Adom Ltd intends to commence business in the following areas:

Farming
Agro-processing

The management of Adom Ltd has indicated that it wants to conduct the business in the most ethical manner possible but at the same time make the maximum possible profit with minimum tax liability.

Required:
Discuss the tax implications in these sectors of the economy.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agro Processing, Farming, Tax Exemptions, Tax Incentives
Level: Level 3

Topic: Tax planning
Series: DEC 2023

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

Question

Kwame Patapaa has written in his Will that a parcel of land located in Kasoa should be given to his friend Adongo Muda upon his death in his Will. He is, however, not sure of the tax implication of this transaction and has approached you for assistance in this direction.

Required:
Detail out your response to this question.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Land, Tax Exemptions, Wills
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

Question

A Pastor of a Church at Kasoa intends to run a Non-Governmental Organisation (NGO) to serve the needs of the catchment area with the hope that it would serve as a springboard to get a lot of people to fellowship with the Church.

The Pastor has invited you as a member of the community to give advice on how to position the NGO in order not to run into problems with the Ghana Revenue Authority in respect of tax issues.

Required:
Discuss the position of the tax laws on Non-Governmental Organisations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, Non-Governmental Organizations (NGOs), Tax Exemptions
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2023

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

Question

The management of Akolo Ltd (Akolo) has been running this business entity for some time now. At a seminar organized for some select businesses at the Trade Fair-Accra last year, the management of Abolo Ltd (Abolo) realized at the seminar that the two companies (Akolo and Abolo) have a lot in common with the same market share. Consequently, the two companies commenced processes to merge as one strong entity. The two agreed on a merger arrangement to benefit from the synergetic efforts.

The two companies intend to form a new entity called Akobolo Ltd (Akobolo).

Required:

i) What is the tax implication of the arrangement if, in the new company-(Akobolo), Akolo intends to hold 40% in the underlying ownership in the assets of the new company while Abolo holds 60%? (3 marks)

ii) What is the tax implication if both companies hold 50% each in the underlying ownership of the assets of the new company – Akobolo? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Reorganization, Mergers, Ownership, Tax Exemptions
Level: Level 3

Topic: Tax planning
Series: NOV 2019

PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

Question

Required:
Advise Madam Tanaa on the tax implications of the gift of a Toyota Camry she received from her husband on their wedding anniversary, including the various options available to her.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Income Tax, Spousal Gifts, Tax Exemptions, Tax Reliefs
Level: Level 2

Topic: Income Tax Liabilities
Series: Nov 2024

AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits

Explanation of the Nigerian-UK Double Taxation Agreement provisions, exempted foreign incomes, conflict resolution mechanisms, and tax treaty benefits.

Question

Required:

As the lead discussant, you are to prepare a paper explaining the provisions of the Nigerian double taxation agreements with the United Kingdom in respect of:

b. State THREE foreign incomes exempted from Nigerian tax. (3 Marks)

d. Explain FOUR benefits of double taxation agreements. (4 Marks)

(Total: 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Taxation, Foreign income, International Taxation, Tax Conflict Resolution, Tax Exemptions, Tax treaties, Trade Missions, UK-Nigeria Tax Agreement
Level: Level 3

Topic: Double Taxation Reliefs and Credits
Series: NOV 2023

TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement

Explain dividends exempted from Withholding Tax.

Question

Briefly explain THREE dividends exempted from Withholding Tax.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dividends, Tax Exemptions, Withholding Tax
Level: Level 2

Topic: Tax Administration and Enforcement, The Nigerian Tax System
Series: MAY 2018

PT – Aug 2022 – L2 – Q5b – Withholding Tax Administration

Explain two circumstances where withholding taxes are exempt.

Question

Explain TWO (2) circumstances under which withholding taxes are exempt.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax, Tax Exemptions, Tax law, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: AUG 2022

TF – May 2018 – L3 – Q3b – Tax planning

Briefly explain tax holiday, tax exemptions, tax reliefs, and tax rebates.

Question

Required:
Briefly explain the following terms with respect to tax planning:
i) Tax holiday
ii) Tax exemptions
iii) Tax relief
iv) Tax rebates/refund
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Tax Exemptions, Tax Holiday, Tax Planning, Tax rebates, Tax Relief
Level: Level 3

Topic: Tax planning
Series: MAY 2018

AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana

Discussing the circumstances where withholding tax applies on payments and identifying transactions that are exempt from withholding tax.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Tax Administration, Tax Exemptions, Tax payments, Withholding Tax
Level: Level 3

Topic: Tax administration in Ghana
Series: DEC 2023

AT – Dec 2023 – L3 – Q3b – Tax planning

Discussing the tax implications and benefits available to companies engaged in farming and agro-processing sectors in Ghana.

Question

Adom Ltd intends to commence business in the following areas:

Farming
Agro-processing

The management of Adom Ltd has indicated that it wants to conduct the business in the most ethical manner possible but at the same time make the maximum possible profit with minimum tax liability.

Required:
Discuss the tax implications in these sectors of the economy.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agro Processing, Farming, Tax Exemptions, Tax Incentives
Level: Level 3

Topic: Tax planning
Series: DEC 2023

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

Question

Required:
Detail out your response to this question.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Land, Tax Exemptions, Wills
Level: Level 3

Topic: Business income - Corporate income tax
Series: NOV 2015

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

Question

The Pastor has invited you as a member of the community to give advice on how to position the NGO in order not to run into problems with the Ghana Revenue Authority in respect of tax issues.

Required:
Discuss the position of the tax laws on Non-Governmental Organisations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, Non-Governmental Organizations (NGOs), Tax Exemptions
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2023

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

Question

The two companies intend to form a new entity called Akobolo Ltd (Akobolo).

Required:

ii) What is the tax implication if both companies hold 50% each in the underlying ownership of the assets of the new company – Akobolo? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Reorganization, Mergers, Ownership, Tax Exemptions
Level: Level 3

Topic: Tax planning
Series: NOV 2019

Question Tag: Tax Exemptions

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PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

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AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits

Explanation of the Nigerian-UK Double Taxation Agreement provisions, exempted foreign incomes, conflict resolution mechanisms, and tax treaty benefits.

You're reporting an error for "AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits"

TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement

Explain dividends exempted from Withholding Tax.

You're reporting an error for "TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement"

PT – Aug 2022 – L2 – Q5b – Withholding Tax Administration

Explain two circumstances where withholding taxes are exempt.

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TF – May 2018 – L3 – Q3b – Tax planning

Briefly explain tax holiday, tax exemptions, tax reliefs, and tax rebates.

You're reporting an error for "TF – May 2018 – L3 – Q3b – Tax planning"

AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana

Discussing the circumstances where withholding tax applies on payments and identifying transactions that are exempt from withholding tax.

You're reporting an error for "AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana"

AT – Dec 2023 – L3 – Q3b – Tax planning

Discussing the tax implications and benefits available to companies engaged in farming and agro-processing sectors in Ghana.

You're reporting an error for "AT – Dec 2023 – L3 – Q3b – Tax planning"

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

You're reporting an error for "AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax"

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

You're reporting an error for "AT – March 2023 – L3 – Q2a – Tax administration in Ghana"

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

You're reporting an error for "AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization"

PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act

Advise on the tax implications of receiving a gift from a spouse under the Income Tax Act.

You're reporting an error for "PT – Nov 2024 – L2 – Q4b – Tax Implication of Gift under Income Tax Act"

AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits

Explanation of the Nigerian-UK Double Taxation Agreement provisions, exempted foreign incomes, conflict resolution mechanisms, and tax treaty benefits.

You're reporting an error for "AT – Nov 2023 – L1 – SB – Q4 – Double Taxation Reliefs and Credits"

TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement

Explain dividends exempted from Withholding Tax.

You're reporting an error for "TAX – May 2018 – L2 – Q6a – Tax Administration and Enforcement"

PT – Aug 2022 – L2 – Q5b – Withholding Tax Administration

Explain two circumstances where withholding taxes are exempt.

You're reporting an error for "PT – Aug 2022 – L2 – Q5b – Withholding Tax Administration"

TF – May 2018 – L3 – Q3b – Tax planning

Briefly explain tax holiday, tax exemptions, tax reliefs, and tax rebates.

You're reporting an error for "TF – May 2018 – L3 – Q3b – Tax planning"

AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana

Discussing the circumstances where withholding tax applies on payments and identifying transactions that are exempt from withholding tax.

You're reporting an error for "AT – Dec 2023 – L3 – Q5a – Tax administration in Ghana"

AT – Dec 2023 – L3 – Q3b – Tax planning

Discussing the tax implications and benefits available to companies engaged in farming and agro-processing sectors in Ghana.

You're reporting an error for "AT – Dec 2023 – L3 – Q3b – Tax planning"

AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax

Explanation of the tax implication of a land gifted under a will.

You're reporting an error for "AT – Nov 2015 – L3 – Q3c – Business income – Corporate income tax"

AT – March 2023 – L3 – Q2a – Tax administration in Ghana

Discuss the tax position of NGOs in Ghana and their obligations under tax law.

You're reporting an error for "AT – March 2023 – L3 – Q2a – Tax administration in Ghana"

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

You're reporting an error for "AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization"

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