- 10 Marks
PT – Nov 2023 – L2 – Q4b – Corporate Tax Liabilities
Computation of tax payable by a company after adjustments for depreciation, capital allowance, and brought-forward losses.
Question
Trincao Ghana, a branch of Trincao International, declared a loss of GH¢500,000 in 2020. Below are the extracts from the company’s returns for the 2022 year of assessment:
Items Amount (GH¢)
Net Profit as per Accounts 20,000,000
Depreciation 82,500
Loss from 2016 49,230
Capital Allowance Agreed with GRA 95,360
Corporate tax rate is 25%.
Required:
Determine the tax payable on profit by Trincao Ghana for the 2022 year of assessment.
(10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Capital Allowance, Corporate Tax, Depreciation, Tax Liability, Taxable Profit
- Level: Level 2
- Topic: Capital allowance, Corporate Tax Computation, Depreciation
- Series: NOV 2023
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