- 10 Marks
PT – Aug 2022 – L2 – Q1c – Income Tax Liabilities
Calculate interest for underestimation of tax for Vito Ltd for the 2019 year of assessment.
Question
The estimated chargeable income for Vito Ltd for the 2019 year of assessment was GH¢50,000,000, but its actual chargeable income declared at the end of the year was GH¢80,000,000. The company prepares accounts to 31 December each year. The company submitted its returns on 30 April, 2020. The BOG prevailing discount rate is 25%.
Required:
Calculate the interest for underestimation of tax.
Find Related Questions by Tags, levels, etc.
- Tags: chargeable income, Income Tax, Interest calculation, Underestimation of Tax
- Level: Level 2
- Topic: Income Tax Liabilities
- Series: AUG 2022
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