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Subject: PRINCIPLES OF TAXATION
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+ past questions and counting.
- 5 Marks
PT – April 2022 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy
Justify the use of public debt as an alternative to taxation in Ghana's development agenda.
Question
b) The development agenda of a developing country like Ghana can only be brought to reality through the availability of funds. The two (2) main sources of government revenue are taxation and debt. In spite of the fact that taxation remains the most reliable source of government revenue for government plans, projects and programmes, it is said to be limited in its role and function in the economy.
Required:
Justify the use of public debt as an alternative to taxation.
(5 marks)
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- 9 Marks
PT – April 2022 – L2 – Q2a – Value Added Tax (VAT)
Describe activities under VAT that do not require meeting the threshold rule before registration is done.
Question
a) Meeting the threshold is a requirement for VAT registration. Others may come under voluntary registration. However, certain activities must be registered despite the above rules.
Required:
Describe activities under VAT, which do not require meeting the threshold rule before registration is done.
(9 marks)
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- 4 Marks
PT – April 2022 – L2 – Q2b – Value Added Tax (VAT)
Explain what constitutes the supply of services under the VAT Act 870 (Act 2013).
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- 2 Marks
PT – April 2022 – L2 – Q2c – Value Added Tax (VAT)
Explain what compulsory VAT registration entails under the VAT Act.
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- 6 Marks
PT – April 2022 – L2 – Q3a – Income Tax Liabilities
Explain the tax treatment for overtime allowance and bonus payments in Ghana.
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- 5 Marks
PT – April 2022 – L2 – Q3b(i & ii) – Income Tax Liabilities
Compute the tax liability on overtime allowances for Maame Agyeiwaa for January and February 2021.
Question
b) Maame Agyeiwaa is a junior staff member of KayDee Ltd. Her monthly basic salary is GH¢800. She was paid an overtime allowance totalling GH¢100 during the month of January 2021. In February 2021, Maame Agyeiwaa was paid overtime allowance totalling GH¢500.
Required:
i) Compute her tax liability on the overtime allowance for the month of January 2021.
(2 marks)
ii) Compute her tax liability on the overtime allowance payments for the month of February 2021.
(3 marks)
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- 3 Marks
PT – April 2022 – L2 – Q3c – Income Tax Liabilities
Determine the tax implication of overtime allowance paid to Bawa in February 2021.
Question
c) Bawa is a junior staff member of Blinks Ltd. Her monthly basic salary is GH¢2,000. She was paid an overtime allowance totalling GH¢500 during the month of February 2021.
Required:
What is the tax implication of the overtime allowance paid?
(3 marks)
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- 3 Marks
PT – April 2022 – L2 – Q3e – Income Tax Liabilities
Calculate the tax liability on Bisa's bonus income for 2021
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- 5 Marks
PT – April 2022 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy
Justify the use of public debt as an alternative to taxation in Ghana's development agenda.
Question
b) The development agenda of a developing country like Ghana can only be brought to reality through the availability of funds. The two (2) main sources of government revenue are taxation and debt. In spite of the fact that taxation remains the most reliable source of government revenue for government plans, projects and programmes, it is said to be limited in its role and function in the economy.
Required:
Justify the use of public debt as an alternative to taxation.
(5 marks)
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Report an error
- 9 Marks
PT – April 2022 – L2 – Q2a – Value Added Tax (VAT)
Describe activities under VAT that do not require meeting the threshold rule before registration is done.
Question
a) Meeting the threshold is a requirement for VAT registration. Others may come under voluntary registration. However, certain activities must be registered despite the above rules.
Required:
Describe activities under VAT, which do not require meeting the threshold rule before registration is done.
(9 marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 4 Marks
PT – April 2022 – L2 – Q2b – Value Added Tax (VAT)
Explain what constitutes the supply of services under the VAT Act 870 (Act 2013).
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- 2 Marks
PT – April 2022 – L2 – Q2c – Value Added Tax (VAT)
Explain what compulsory VAT registration entails under the VAT Act.
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Report an error
- 6 Marks
PT – April 2022 – L2 – Q3a – Income Tax Liabilities
Explain the tax treatment for overtime allowance and bonus payments in Ghana.
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Report an error
- 5 Marks
PT – April 2022 – L2 – Q3b(i & ii) – Income Tax Liabilities
Compute the tax liability on overtime allowances for Maame Agyeiwaa for January and February 2021.
Question
b) Maame Agyeiwaa is a junior staff member of KayDee Ltd. Her monthly basic salary is GH¢800. She was paid an overtime allowance totalling GH¢100 during the month of January 2021. In February 2021, Maame Agyeiwaa was paid overtime allowance totalling GH¢500.
Required:
i) Compute her tax liability on the overtime allowance for the month of January 2021.
(2 marks)
ii) Compute her tax liability on the overtime allowance payments for the month of February 2021.
(3 marks)
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- 3 Marks
PT – April 2022 – L2 – Q3c – Income Tax Liabilities
Determine the tax implication of overtime allowance paid to Bawa in February 2021.
Question
c) Bawa is a junior staff member of Blinks Ltd. Her monthly basic salary is GH¢2,000. She was paid an overtime allowance totalling GH¢500 during the month of February 2021.
Required:
What is the tax implication of the overtime allowance paid?
(3 marks)
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- 3 Marks
PT – April 2022 – L2 – Q3e – Income Tax Liabilities
Calculate the tax liability on Bisa's bonus income for 2021
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Report an error