Value-Added Tax (VAT), Customs, and Excise Duties – Page 4

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.

Answer

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Tags: Direct Tax, Medical Supplies, Tax Agent, Tax Compliance, Tax computation, Tax deduction, VAT, VAT Withholding, Withholding Tax
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties, Withholding Tax Administration
Series: Nov 2024

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Question

N&L Associates, an accounting firm, issued an invoice to a withholding VAT agent for GH¢250,000 (including VAT, GETFund Levy, NHIL, and COVID-19 Levy) for assurance services provided to a client in March 2024. These were the only services provided by the firm during the period, and payments are to be made within the same period.

Required:

i) Calculate the portion of the GETFund Levy, NHIL, and COVID-19 Levy that the agent must compute for the payment of the services rendered. (3 marks)
ii) Determine the output VAT to be reported on the accounting firm’s monthly VAT return.
iii) Compute the withholding VAT to be withheld if N&L Associates are VAT withholding agents.
iv) Calculate the tax payable by the accounting firm if the total input tax for the period amounts to GH¢7,200.

Answer

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Tags: Accounting Firms, Covid-19 Levy, GETFund Levy, NHIL, Output VAT, Tax computation, Tax Liability, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: Nov 2024

TAX – Nov 2018 – L1 – SA – Q12 – Value Added Tax (VAT)

Calculate the output VAT for a vatable product sold to a final consumer.

Question

In 2018, a vatable product was sold to a final consumer for N210,000 (VAT inclusive). The output VAT was:
A. N10,500
B. N10,000
C. N7,500
D. N5,000
E. N2,500

Answer

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Tags: Nigerian Tax System, Output VAT, VAT Calculation, Vatable Product
Level: Level 1

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

Question

A tax invoice issued for goods sold or services rendered must contain the following information, EXCEPT:
A. Type/nature of goods
B. Customer’s name and address
C. Rate of VAT applied
D. Bio data of taxpayer
E. Taxpayer’s identification number

Answer

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Tags: Invoice Requirements, Nigerian Tax System, Tax Invoice, VAT
Level: Level 1

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

PT – Nov 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five circumstances under which the Commissioner-General shall cancel VAT registration.

Question

State FIVE (5) circumstances under which the Commissioner-General shall cancel the VAT registration of a taxable person.

Answer

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Tags: Cancellation, Commissioner-General, VAT Registration
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2023

PT – Nov 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Determine whether a hostel facility and the supply of food and drinks are taxable.

Question

State whether the following are taxable or not and briefly explain your answer.
i) Hostel facility offered to candidates by the Commonwealth Hall of the University of Ghana for profit.
ii) The supply of food and drinks by Papaye to the Vice President of Ghana for the celebration of his birthday.

Answer

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Tags: Food Supply, Hostel Facility, Taxable Transactions, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2023

PT – Nov 2023 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define "Supply of Goods" and "Supply of Services" as per the VAT Act.

Question

There is imposed by the Value Added Tax Act, 2013 (Act 870) a tax to be known as the value added tax, which is to be charged on:
(a) The supply of goods or services made in the country other than exempt goods or services; and
(b) The import of goods or services other than exempt import.

Required:
i) What constitutes “Supply of Goods”?
ii) What constitutes “Supply of Services”?

Answer

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Tags: Supply of Goods, Supply of Services, Taxation, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2023

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

Question

Abah Enterprise is a small business but intends to bid for government contracts. It has a very small cash flow, with turnover unable to be registered under the compulsory registration arrangement for Value Added Tax. The proprietor of Abah Enterprise feels that if the enterprise is not registered for Value Added Tax, it will be difficult to be able to bid for government contracts.

Required:
Under what condition can Abah Enterprise apply to Ghana Revenue Authority for Value Added Tax Registration without meeting the threshold registration requirements under section 6 of the Value Added Tax Act 2013 (Act 870)?
(5 marks)

Answer

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Tags: Small Business, Tax Administration, Threshold, VAT Registration
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAY 2020

PT – March 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Advise on deductibility rules of input VAT incurred before registration.

Question

Atakora Manufacturing Ltd is a company at Winneba that manufactures roofing sheets. The company has recently registered for VAT and is not sure about the treatment of its input VAT paid prior to VAT registration. The company has sought your guidance on how to treat input taxes paid prior to registration.

Required:

Advise the company on the deductibility rules of input VAT incurred by a company prior to VAT registration.

Answer

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Tags: Input VAT, Tax law, VAT Deductibility, VAT Registration
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2023

PT – March 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State the conditions under which voluntary VAT registration may be denied.

Question

An application for a voluntary VAT registration may be denied the opportunity to register for VAT although the Value Added Tax Act, 2013 (Act 870) makes provision for voluntary VAT registration.

Required:

State the conditions under which an application for voluntary VAT registration may be denied.

Answer

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Tags: Conditions for Denial, Tax law, VAT Registration, Voluntary VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2023

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

Question

State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.

Answer

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Tags: Ghana Revenue Authority, sale-or-return, Taxable Goods, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

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Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

Topic: Value-Added Tax (VAT), Customs, and Excise Duties

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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.

PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

TAX – Nov 2018 – L1 – SA – Q12 – Value Added Tax (VAT)

Calculate the output VAT for a vatable product sold to a final consumer.

TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

PT – Nov 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five circumstances under which the Commissioner-General shall cancel VAT registration.

PT – Nov 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Determine whether a hostel facility and the supply of food and drinks are taxable.

PT – Nov 2023 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define "Supply of Goods" and "Supply of Services" as per the VAT Act.

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

PT – March 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Advise on deductibility rules of input VAT incurred before registration.

PT – March 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State the conditions under which voluntary VAT registration may be denied.

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

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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.

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PT – Nov 2024 – L2 – Q2d – Withholding VAT Computation

Compute GETFund Levy, NHIL, COVID-19 Levy, output VAT, withholding VAT, and tax payable for a firm under the VAT scheme

Required:

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TAX – Nov 2018 – L1 – SA – Q12 – Value Added Tax (VAT)

Calculate the output VAT for a vatable product sold to a final consumer.

You're reporting an error for "TAX – Nov 2018 – L1 – SA – Q12 – Value Added Tax (VAT)"

TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)"

PT – Nov 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five circumstances under which the Commissioner-General shall cancel VAT registration.

You're reporting an error for "PT – Nov 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Determine whether a hostel facility and the supply of food and drinks are taxable.

You're reporting an error for "PT – Nov 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Nov 2023 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define "Supply of Goods" and "Supply of Services" as per the VAT Act.

You're reporting an error for "PT – Nov 2023 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

You're reporting an error for "PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)"

PT – March 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties

Advise on deductibility rules of input VAT incurred before registration.

You're reporting an error for "PT – March 2023 – L2 – Q2c – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – March 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State the conditions under which voluntary VAT registration may be denied.

You're reporting an error for "PT – March 2023 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

You're reporting an error for "PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties"

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