- 5 Marks
PT – Nov 2024 – L2 – Q5b – Withholding Tax & VAT Calculation
Compute VAT and direct tax withheld on a taxable supply of medical consumables to a tax withholding agent.
Question
Charley Chemist LTD made a taxable supply of medical consumables amounting to GH¢750,000 exclusive of VAT and levies on 23 November 2023 to the University of Ghana Medical Centre. The University of Ghana Medical Centre is a withholding tax agent for both VAT withholding and Direct Tax withholding.
Required:
i) Compute the amount of VAT withheld by the University of Ghana Medical Center.
ii) Compute the amount of direct tax withheld by the University of Ghana Medical Centre.
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