Ethical principles in taxation

TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

Question

d) Section 18 of the Revenue Administration Act 2016 (Act 915) makes provision for the use of Tax Consultant by a taxpayer.

Required:
Examine THREE (3) ethical and professional issues that a tax consultant may consider in dealing with a taxpayer. (3 marks)

Answer

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Tags: Confidentiality, Ethical Issues, Integrity, Professional Conduct, Tax Consultancy, Taxpayer Relations
Level: Level 3

Topic: Ethical principles in taxation
Series: MAY 2019

AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

Question

Who are incapacitated persons?

Answer

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Tags: Incapacitated persons, Tax Compliance, Tax law
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2015

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

Question

Fenty Trust Ltd is a non-resident company acting as the trustee for four resident Ghanaians, each holding a 22.5% share in the Trust. The Trust was set up on the instruction of Mr. Karl Odogo before he died. Mr. Karl Odogo was a businessman with interests in real estate, transportation, and numerous natural resources.

The Board of Trustees decided to continue in the above businesses and others. As part of the Trust Deed, the Board of Trustees was to make donations for good causes and discretionary payments to the beneficiaries where appropriate.

In the year 2022, the following transactions took place:

Total rental income from the real estate was GH¢9,375,000.
Administrative expenses of the Trust for the year 2022 amounted to GH¢725,000.
A friend of Karl Odogo contributed GH¢600,000 to the Trust by way of donation.
Interest received on the bank account of the Trust was GH¢350,000 gross.
The Trust received a total amount of GH¢1,240,000 from the transport operations.
Total depreciation computed and treated using generally accepted accounting principles was GH¢104,000.
Remuneration and fees of the Trustees for the 2022 year of assessment were GH¢980,000.
The External Auditors of the Trust charged GH¢45,000 for the year 2022, and it has been paid.
Donations were made to the following persons and institutions:
- Ghana Heart Foundation (receipt obtained from Ghana Health Service): GH¢15,000
- Kumasi Children’s Home (receipt from Social Welfare Department): GH¢15,000
- XYZ Political Party (receipt from the Political Party): GH¢45,000
- Funeral of a cousin of one of the members of the Governing Board of the Trustees: GH¢5,000
The Ghana Revenue Authority has granted a capital allowance of GH¢81,250.
Discretionary payments of GH¢265,000 for each beneficiary were made during the year.

Required:
a) Compute the chargeable income and tax payable by the Trust for the 2022 year of assessment. (12 marks)
b) Outline the general tax rules on trust institutions and trust beneficiaries. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiaries, Capital Allowance, Tax Rules, Taxable Income, Trust Income
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2023

TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

Question

d) Section 18 of the Revenue Administration Act 2016 (Act 915) makes provision for the use of Tax Consultant by a taxpayer.

Required:
Examine THREE (3) ethical and professional issues that a tax consultant may consider in dealing with a taxpayer. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Confidentiality, Ethical Issues, Integrity, Professional Conduct, Tax Consultancy, Taxpayer Relations
Level: Level 3

Topic: Ethical principles in taxation
Series: MAY 2019

AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

Question

Who are incapacitated persons?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Incapacitated persons, Tax Compliance, Tax law
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2015

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

Question

In the year 2022, the following transactions took place:

Total rental income from the real estate was GH¢9,375,000.
Administrative expenses of the Trust for the year 2022 amounted to GH¢725,000.
A friend of Karl Odogo contributed GH¢600,000 to the Trust by way of donation.
Interest received on the bank account of the Trust was GH¢350,000 gross.
The Trust received a total amount of GH¢1,240,000 from the transport operations.
Total depreciation computed and treated using generally accepted accounting principles was GH¢104,000.
Remuneration and fees of the Trustees for the 2022 year of assessment were GH¢980,000.
The External Auditors of the Trust charged GH¢45,000 for the year 2022, and it has been paid.
Donations were made to the following persons and institutions:
- Ghana Heart Foundation (receipt obtained from Ghana Health Service): GH¢15,000
- Kumasi Children’s Home (receipt from Social Welfare Department): GH¢15,000
- XYZ Political Party (receipt from the Political Party): GH¢45,000
- Funeral of a cousin of one of the members of the Governing Board of the Trustees: GH¢5,000
The Ghana Revenue Authority has granted a capital allowance of GH¢81,250.
Discretionary payments of GH¢265,000 for each beneficiary were made during the year.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Beneficiaries, Capital Allowance, Tax Rules, Taxable Income, Trust Income
Level: Level 3

Topic: Ethical principles in taxation
Series: NOV 2023

Topic: Ethical principles in taxation

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TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

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TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

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AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

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AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

You're reporting an error for "AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation"

TX – May 2019 – L3 – Q3D – Ethical principles in taxation

Examine the ethical and professional issues that tax consultants must consider when dealing with taxpayers.

You're reporting an error for "TX – May 2019 – L3 – Q3D – Ethical principles in taxation"

AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation

Explanation of who qualifies as incapacitated persons under tax law.

You're reporting an error for "AT – Nov 2015 – L3 – Q3d – Ethical principles in taxation"

AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation

Compute the chargeable income and tax payable for Fenty Trust Ltd and outline the general tax rules on trusts and beneficiaries.

You're reporting an error for "AT – Nov 2023 – L3 – Q4 – Ethical principles in taxation"

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