- 10 Marks
AT – Aug 2022 – L3 – Q5a – Petroleum operations
Compute the tax payable by Alpha Ltd for the 2020 year of assessment in the upstream petroleum sector.
Question
a) Alpha Ltd is a company operating in the upstream petroleum sector and commenced
production in 2020. The Accountant who is new to the industry provided the following extract
for the 2020 year of assessment with basis period 1 January to 31 December, 2020.
Additional information:
i) Production in barrels is 120,000,000.
ii) Finance Lease:
Principal Repayment is GH¢15,000,000.
Finance cost is GH¢1,200,000.
Lease is over 6 years starting from 1/1/2020.
Required:
Compute the tax payable for Alpha Ltd for 2020 year of assessment. (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Corporate Tax, Petroleum Operations, Tax computation, Upstream Sector
- Level: Level 3
- Topic: Petroleum operations
- Series: AUG 2022
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