Tax Rules – NBC Institute

TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

Question

Explain FIVE rules governing loss relief for companies.

Answer

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Tags: Corporate Losses, Loss relief, Tax Rules
Level: Level 2

Topic: Tax Incentives and Reliefs
Series: NOV 2021

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

Question

An individual may realise an asset on the death of another person, by way of transfer of ownership of the asset.

Required:
What are the taxation rules on such transactions?
(5 marks)

Answer

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Tags: Asset Realisation, Capital Gains, Death of Asset Owner, Tax Rules
Level: Level 2

Topic: Taxation of Capital Gains
Series: NOV 2019

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

Question

c) What are the taxation rules for overtime payments and bonus payments under employment income?
(7 marks)

Answer

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Tags: Bonus Payments, Employment Income, Overtime Payments, Tax Rules, Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

Question

A Class 1, 2, or 3 depreciable assets owned and employed by a person during a year of assessment in the production of income from a particular business shall, at the time the asset is first owned and employed by that person, be placed in a pool with all other assets of the same class owned and employed by that person in the business.

Required:
What are the implications and taxation rules governing the above statement?

Answer

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Tags: Capital Allowance, Corporate Tax, Depreciable assets, Pooling System, Tax Rules
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2021

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

Question

a) Long-term contracts span over a long period of time and have tax implications.
Required:
i) What is long-term contract as defined in the Income Tax Act, 2015 (Act 896)? (1 mark)
ii) What are the tax rules on long-term contracts? (2 marks)

Answer

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Tags: Contract Completion, Income Tax Act, Long-Term Contracts, Tax Rules
Level: Level 3

Topic: Tax administration in Ghana
Series: NOV 2018

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

Question

Fenty Trust Ltd is a non-resident company acting as the trustee for four resident Ghanaians, each holding a 22.5% share in the Trust. The Trust was set up on the instruction of Mr. Karl Odogo before he died. Mr. Karl Odogo was a businessman with interests in real estate, transportation, and numerous natural resources.

The Board of Trustees decided to continue in the above businesses and others. As part of the Trust Deed, the Board of Trustees was to make donations for good causes and discretionary payments to the beneficiaries where appropriate.

In the year 2022, the following transactions took place:

Total rental income from the real estate was GH¢9,375,000.
Administrative expenses of the Trust for the year 2022 amounted to GH¢725,000.
A friend of Karl Odogo contributed GH¢600,000 to the Trust by way of donation.
Interest received on the bank account of the Trust was GH¢350,000 gross.
The Trust received a total amount of GH¢1,240,000 from the transport operations.
Total depreciation computed and treated using generally accepted accounting principles was GH¢104,000.
Remuneration and fees of the Trustees for the 2022 year of assessment were GH¢980,000.
The External Auditors of the Trust charged GH¢45,000 for the year 2022, and it has been paid.
Donations were made to the following persons and institutions:
- Ghana Heart Foundation (receipt obtained from Ghana Health Service): GH¢15,000
- Kumasi Children’s Home (receipt from Social Welfare Department): GH¢15,000
- XYZ Political Party (receipt from the Political Party): GH¢45,000
- Funeral of a cousin of one of the members of the Governing Board of the Trustees: GH¢5,000
The Ghana Revenue Authority has granted a capital allowance of GH¢81,250.
Discretionary payments of GH¢265,000 for each beneficiary were made during the year.

Required:
a) Compute the chargeable income and tax payable by the Trust for the 2022 year of assessment. (12 marks)
b) Outline the general tax rules on trust institutions and trust beneficiaries. (8 marks)

Answer

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Tags: Beneficiaries, Capital Allowance, Tax Rules, Taxable Income, Trust Income
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2023

TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

Question

Explain FIVE rules governing loss relief for companies.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Losses, Loss relief, Tax Rules
Level: Level 2

Topic: Tax Incentives and Reliefs
Series: NOV 2021

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

Question

An individual may realise an asset on the death of another person, by way of transfer of ownership of the asset.

Required:
What are the taxation rules on such transactions?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Realisation, Capital Gains, Death of Asset Owner, Tax Rules
Level: Level 2

Topic: Taxation of Capital Gains
Series: NOV 2019

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

Question

c) What are the taxation rules for overtime payments and bonus payments under employment income?
(7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bonus Payments, Employment Income, Overtime Payments, Tax Rules, Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

Question

Required:
What are the implications and taxation rules governing the above statement?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Allowance, Corporate Tax, Depreciable assets, Pooling System, Tax Rules
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2021

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Completion, Income Tax Act, Long-Term Contracts, Tax Rules
Level: Level 3

Topic: Tax administration in Ghana
Series: NOV 2018

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

Question

In the year 2022, the following transactions took place:

Total rental income from the real estate was GH¢9,375,000.
Administrative expenses of the Trust for the year 2022 amounted to GH¢725,000.
A friend of Karl Odogo contributed GH¢600,000 to the Trust by way of donation.
Interest received on the bank account of the Trust was GH¢350,000 gross.
The Trust received a total amount of GH¢1,240,000 from the transport operations.
Total depreciation computed and treated using generally accepted accounting principles was GH¢104,000.
Remuneration and fees of the Trustees for the 2022 year of assessment were GH¢980,000.
The External Auditors of the Trust charged GH¢45,000 for the year 2022, and it has been paid.
Donations were made to the following persons and institutions:
- Ghana Heart Foundation (receipt obtained from Ghana Health Service): GH¢15,000
- Kumasi Children’s Home (receipt from Social Welfare Department): GH¢15,000
- XYZ Political Party (receipt from the Political Party): GH¢45,000
- Funeral of a cousin of one of the members of the Governing Board of the Trustees: GH¢5,000
The Ghana Revenue Authority has granted a capital allowance of GH¢81,250.
Discretionary payments of GH¢265,000 for each beneficiary were made during the year.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiaries, Capital Allowance, Tax Rules, Taxable Income, Trust Income
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2023

Question Tag: Tax Rules

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TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

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TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

You're reporting an error for "TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs"

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

You're reporting an error for "PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains"

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

You're reporting an error for "PT – May 2020 – L2 – Q3c – Income Tax Liabilities"

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

You're reporting an error for "PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities"

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

You're reporting an error for "AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana"

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

You're reporting an error for "AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation"

TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs

Explanation of the rules governing loss relief for companies, including carry forward, loss limitation, and cessation rules.

You're reporting an error for "TAX – Nov 2021 – L2 – Q4b – Tax Incentives and Reliefs"

PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains

This question asks to explain the taxation rules on asset realisation upon the death of the asset owner.

You're reporting an error for "PT – Nov2019 – L2 – Q5b – Taxation of Capital Gains"

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

You're reporting an error for "PT – May 2020 – L2 – Q3c – Income Tax Liabilities"

PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities

Explain the tax implications and rules governing the pooling system for depreciable assets.

You're reporting an error for "PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities"

AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana

Defining long-term contracts and outlining the tax rules under the Income Tax Act.

You're reporting an error for "AT – Nov 2018 – L3 – Q2a – Tax administration in Ghana"

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

You're reporting an error for "AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation"

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