- 6 Marks
TF – May 2018 – L3 – Q4c – Business income – Corporate income tax
VAT computation for Akonfem Fabricating Ltd. based on taxable transactions.
Question
In the month of September 2016, Akonfem Fabricating Ltd, a registered trader for VAT, made the following transactions:
Sales: GH¢
Local Supplies: 425,000
Relief Supplies: 215,000
Exports: 550,000
Purchases/Expenses (Input Invoices):
Stationery: 2,030
Hotel Bill for the MD: 3,450
Raw Material (Imported): 545,000
MTN Phone Bills for MD: 1,020
Electricity (Factory): 5,000
Note: Sales and purchases are all Value Added Tax/National Health Insurance Levy exclusive.
Required:
i) Compute the output and input taxes.
ii) Determine the tax payable, if any.
Find Related Questions by Tags, levels, etc.
- Tags: Exports, Input and Output Taxes, Relief Supplies, Tax Payab, VAT
- Level: Level 3
- Topic: Tax administration in Ghana
- Series: MAY 2018