- 5 Marks
PT – Dec 2023 – L2 – Q5a – Withholding Tax Administration
Explanation of the difference between final withholding tax and withholding tax on account with examples.
Question
The provisions of the Income Tax Act, 2015 (Act 896) require a resident person who pays an amount for works or the supply of goods and services to another resident or non-resident person with a source in Ghana to withhold tax from the payment at the rate specified under Paragraph 8 of the First Schedule of the Act and pay same to the Commissioner-General.
Required:
Explain with examples the following:
i) Final withholding tax. (2.5 marks)
ii) Withholding tax on account. (2.5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Final Tax, Income Tax Act, Tax law, Tax on Account, Withholding Tax
- Level: Level 2
- Topic: Withholding Tax Administration
- Series: DEC 2023
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