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OLESTIN ONE 2. Giliwuljor Lt a Hotel Barines realized 15 goincle: its Lamui. The scurt appeunched clar explanation to all othecain in larianer helaxaci2n5 Act: & Act 2018 Act 926 i Exp in the treatment with HIV Gain bn care Glimlar 12 16 mark) IL Cakulate the capital Cam Tax payable by Gidinador. ilgore exemptamount) (3 must 6. The management of Don Quayon Ltd Ler) has been running this business cruity for some time now.la seminar arganised for comme celed business are Trade Fairer la year, the HTTPD mit and City 1.1Citi mali-lxt w Part the corporis Ber Christy and The lost in UCI with the sunne market share Consequently, the three cerpanies cemenced processes te merge as one strong entity. The the agreed a merger arrangement to benefit from the Syrirgetic efforts and intend to name the Chli ) 1). Below Information as to Original CA and Fair value al capital of the tem at tw ticket the merger Christ GI GIIS GIT Original Cost of the Capital Assets Building 7:10,000 1.000.000 370.000 Land 20.000 Di Cappell Axel X! 2. Total Capital Assets 1.6111.2011 ,5211.2011 1,450,0011 Fair Markut Value of the capital A-wt Building Land 10./2011 20.000 1.200.000 50.000 67110 00.000 Der Capell Axil Total Capital Awth 1.7111,000 1,511.0111,521, Mergements of Ben Cristyard Dogs on their last betting before the crerger to hold 15S. 205 und 65% in the underlyang oras up in the assets of the BCD Company. The approached you a lax experlo Dil them on the car implications will pool above arrangements. Required: Wailea hivi karibe las implica with it always 117 mark) c. Mil Anuais martial Sophia Bracamole cars with a children. All thei! Juillerated and win GK Darve wacked t Bill Testing Hospital del lute used his marital stats and the three children to apply fur tax credit relied on 1. Tovary. 2017 Cocmione General scued tax credit react to hum a month aftce has appcation Sophia gradualce in the year 2015 and has just gotten apo appointment at the Liversity of Education, Ni CIEWS Deriv ki twawi I te ran the reliv, tilvien lie will pyply for the meditrelicts from Comisioner General with the aim of mining the box liabilities Required what upfront relicia dec: Soto stand to get from Comunicar Cawal of Chana Revenue Autorily in accordance with vi schedule of the Income Tax A221115 Ach as amended! Mixt. YUSUS Strix au how iar when : SIA 12} (rolal: 10 marks) QUESTION TWO a. Tax administration in Ghana has seen a number of reforms since the 1940s, with the most recent being the integration of the Revenue Agencies to an Authority to act as a one stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791). Ghana Revenue Authority (GRA) is operated under three divisions namely, Domestic Revenue Tax, Custom and Support Service of which each of them play an important roles in mobilizing revenue to Government of Ghana. During each fiscal year, Ghana Revenue Authority generates taxes revenue using both Source based-taxation and Resident based-taxation methods. The Revenues below represent Tax generated by Commissioner General of Ghana Revenue Authority for 2019 year of assessment. Use it to answer the questions that follow. GH '000 Other International Trade Taxes 6,500 Excise duties 2,000 Valued Added Tax (VAT) 4,000 Import VAT 3,000 Property taxes 3,000 Vehicle Income Tax Stickers (VITS) 2,000 Petroleum Taxes 1,200 National Health Insurance Levy 2,000 Capital Gain Taxes 7,000 Export and Import Duties 19,000 Excise Tax Stamps 3,000 Corporate Taxes 2,000 PAYE 8,000 Communications Service Tax (CST) 4,000 Total Revenue 88,500 Required i. Outline the responsibility and structure of Domestic Tax Revenue Division (DTRD) (6 marks) ii. Compute the total taxes collected by this Domestic Tax Revenue Division. (4 marks) iii. Calculate the total taxes collected by Custom Division. (3 marks) iv. Compute the total taxes collected by Support Service Division. (3 marks) Evaluate how best GRA had been arranging its affairs to achieve low compliance and administrative cost. (4 marks) V. b. ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estimated chargeable income for the year 2016 was GH 1.2 million. However, the Company's Returns which were submitted to the Large Tax Payers Office at the VAT House on 1st April, 2017 showed a chargeable income of GH1.8 million. During this period, Bank of Ghana policy rate was constant at 24% per annum. ABC Ltd made its first installment payment on 31st March, 2016. Required Compute the Interest payable by the company. (10 marks) (Hint: Your answers should be in line with section 70 of Revenue Administration Act 2016 (Act 915)) (Total: 30 marks) iv. V. QUESTOPN THREE Twist manufacturing Company Limited (Twist) stated operation on 27th May, 2018 and prepare accounts to 31st December each year. The following transactions took place. i. In January, 2017, Twist acquired Nissan Patrol at the price of GH150,000 ii. In June, 2018, Twist acquired three Home-Used Laptops at GH 500 each, of which the Managing Director uses one of them for his personal business. iii. In June, 2018 Twist rented factory building of which it pays annual rentals of GH 20,000. The rented building was constructed at the cost of GH 500,000. In July, 2018, the engine of the Nissan Patrol was changed at a cost of 18,075. In August, 2018 Twist paid for Goodwill amounting to GH100,000 for 5 years. vi. In March 2019, it exchanged the vehicle for office equipment. The value of the office equipment agreed with the owner was GH80,000.00. The exchange was deemed satisfactory to both parties and documentations were carried through. vii. In April, 2019, the building was gifted to Twist manufacturing Company Limited and all the necessary documents were carrying through. The market value at the time of receipt was equivalent to the cost at which the building was constructed. Twist insured the office building with "We care Insurance Company" and paid monthly premium of 200 per month. viii. In November, 2019, an explosion occurred in Twist Limited which destroyed the factory building completely. "We care Insurance Company" compensated Twist an amount of GH 245,000 ix. Twist leased plant for 6 years in January, 2020 of which Twist will be paying an annual rental of GH120,000. The plant can be acquired outright for cash of GH450,000. The implicit interest rate of the lease is 10% and the expected useful life of the building is 7 years. In February, 2020, office equipment was sold for a consideration of GH 54,000 Required: i. Compute Capital Allowance for Twist manufacturing Company Limited for the relevant years of assessment in accordance with the third Schedule of Income Tax Act 896 (10 marks) (Note your computation should not exceed 2020 year of assessment) ii. Provide notes to support your computation in (i) above (20 marks) X. (Total: 30 marks) QUESTION TWO a. Tax administration in Ghana has seen a number of reforms since the 1940s, with the most recent being the integration of the Revenue Agencies to an Authority to act as a one stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791). Ghana Revenue Authority (GRA) is operated under three divisions namely, Domestic Revenue Tax, Custom and Support Service of which each of them play an important roles in mobilizing revenue to Government of Ghana. During each fiscal year, Ghana Revenue Authority generates taxes revenue using both Source based-taxation and Resident based-taxation methods. The Revenues below represent Tax generated by Commissioner General of Ghana Revenue Authority for 2019 year of assessment. Use it to answer the questions that follow. GH '000 Other International Trade Taxes 6,500 Excise duties 2,000 Valued Added Tax (VAT) 4,000 Import VAT 3,000 Property taxes 3,000 Vehicle Income Tax Stickers (VITS) 2,000 Petroleum Taxes 1,200 National Health Insurance Levy 2,000 Capital Gain Taxes 7,000 Export and Import Duties 19,000 Excise Tax Stamps 3,000 Corporate Taxes 2,000 PAYE 8,000 Communications Service Tax (CST) 4,000 Total Revenue 88,500 Required i. Outline the responsibility and structure of Domestic Tax Revenue Division (DTRD) (6 marks) ii. Compute the total taxes collected by this Domestic Tax Revenue Division. (4 marks) iii. Calculate the total taxes collected by Custom Division. (3 marks) iv. Compute the total taxes collected by Support Service Division. (3 marks) Evaluate how best GRA had been arranging its affairs to achieve low compliance and administrative cost. (4 marks) V b. ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estimated chargeable income for the year 2016 was GH 1.2 million. However, the Company's Returns which were submitted to the Large Tax Payers Office at the VAT House on 1st April, 2017 showed a chargeable income of GH1.8 million. During this period, Bank of Ghana policy rate was constant at 24% per annum. ABC Ltd made its first installment payment on 31st March, 2016. Required Compute the Interest payable by the company. (10 marks) (Hint: Your answers should be in line with section 70 of Revenue Administration Act 2016 (Act 915)) (Total: 30 marks) OLESTIN ONE 2. Giliwuljor Lt a Hotel Barines realized 15 goincle: its Lamui. The scurt appeunched clar explanation to all othecain in larianer helaxaci2n5 Act: & Act 2018 Act 926 i Exp in the treatment with HIV Gain bn care Glimlar 12 16 mark) IL Cakulate the capital Cam Tax payable by Gidinador. ilgore exemptamount) (3 must 6. The management of Don Quayon Ltd Ler) has been running this business cruity for some time now.la seminar arganised for comme celed business are Trade Fairer la year, the HTTPD mit and City 1.1Citi mali-lxt w Part the corporis Ber Christy and The lost in UCI with the sunne market share Consequently, the three cerpanies cemenced processes te merge as one strong entity. The the agreed a merger arrangement to benefit from the Syrirgetic efforts and intend to name the Chli ) 1). Below Information as to Original CA and Fair value al capital of the tem at tw ticket the merger Christ GI GIIS GIT Original Cost of the Capital Assets Building 7:10,000 1.000.000 370.000 Land 20.000 Di Cappell Axel X! 2. Total Capital Assets 1.6111.2011 ,5211.2011 1,450,0011 Fair Markut Value of the capital A-wt Building Land 10./2011 20.000 1.200.000 50.000 67110 00.000 Der Capell Axil Total Capital Awth 1.7111,000 1,511.0111,521, Mergements of Ben Cristyard Dogs on their last betting before the crerger to hold 15S. 205 und 65% in the underlyang oras up in the assets of the BCD Company. The approached you a lax experlo Dil them on the car implications will pool above arrangements. Required: Wailea hivi karibe las implica with it always 117 mark) c. Mil Anuais martial Sophia Bracamole cars with a children. All thei! Juillerated and win GK Darve wacked t Bill Testing Hospital del lute used his marital stats and the three children to apply fur tax credit relied on 1. Tovary. 2017 Cocmione General scued tax credit react to hum a month aftce has appcation Sophia gradualce in the year 2015 and has just gotten apo appointment at the Liversity of Education, Ni CIEWS Deriv ki twawi I te ran the reliv, tilvien lie will pyply for the meditrelicts from Comisioner General with the aim of mining the box liabilities Required what upfront relicia dec: Soto stand to get from Comunicar Cawal of Chana Revenue Autorily in accordance with vi schedule of the Income Tax A221115 Ach as amended! Mixt. YUSUS Strix au how iar when : SIA 12} (rolal: 10 marks) QUESTION TWO a. Tax administration in Ghana has seen a number of reforms since the 1940s, with the most recent being the integration of the Revenue Agencies to an Authority to act as a one stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791). Ghana Revenue Authority (GRA) is operated under three divisions namely, Domestic Revenue Tax, Custom and Support Service of which each of them play an important roles in mobilizing revenue to Government of Ghana. During each fiscal year, Ghana Revenue Authority generates taxes revenue using both Source based-taxation and Resident based-taxation methods. The Revenues below represent Tax generated by Commissioner General of Ghana Revenue Authority for 2019 year of assessment. Use it to answer the questions that follow. GH '000 Other International Trade Taxes 6,500 Excise duties 2,000 Valued Added Tax (VAT) 4,000 Import VAT 3,000 Property taxes 3,000 Vehicle Income Tax Stickers (VITS) 2,000 Petroleum Taxes 1,200 National Health Insurance Levy 2,000 Capital Gain Taxes 7,000 Export and Import Duties 19,000 Excise Tax Stamps 3,000 Corporate Taxes 2,000 PAYE 8,000 Communications Service Tax (CST) 4,000 Total Revenue 88,500 Required i. Outline the responsibility and structure of Domestic Tax Revenue Division (DTRD) (6 marks) ii. Compute the total taxes collected by this Domestic Tax Revenue Division. (4 marks) iii. Calculate the total taxes collected by Custom Division. (3 marks) iv. Compute the total taxes collected by Support Service Division. (3 marks) Evaluate how best GRA had been arranging its affairs to achieve low compliance and administrative cost. (4 marks) V. b. ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estimated chargeable income for the year 2016 was GH 1.2 million. However, the Company's Returns which were submitted to the Large Tax Payers Office at the VAT House on 1st April, 2017 showed a chargeable income of GH1.8 million. During this period, Bank of Ghana policy rate was constant at 24% per annum. ABC Ltd made its first installment payment on 31st March, 2016. Required Compute the Interest payable by the company. (10 marks) (Hint: Your answers should be in line with section 70 of Revenue Administration Act 2016 (Act 915)) (Total: 30 marks) iv. V. QUESTOPN THREE Twist manufacturing Company Limited (Twist) stated operation on 27th May, 2018 and prepare accounts to 31st December each year. The following transactions took place. i. In January, 2017, Twist acquired Nissan Patrol at the price of GH150,000 ii. In June, 2018, Twist acquired three Home-Used Laptops at GH 500 each, of which the Managing Director uses one of them for his personal business. iii. In June, 2018 Twist rented factory building of which it pays annual rentals of GH 20,000. The rented building was constructed at the cost of GH 500,000. In July, 2018, the engine of the Nissan Patrol was changed at a cost of 18,075. In August, 2018 Twist paid for Goodwill amounting to GH100,000 for 5 years. vi. In March 2019, it exchanged the vehicle for office equipment. The value of the office equipment agreed with the owner was GH80,000.00. The exchange was deemed satisfactory to both parties and documentations were carried through. vii. In April, 2019, the building was gifted to Twist manufacturing Company Limited and all the necessary documents were carrying through. The market value at the time of receipt was equivalent to the cost at which the building was constructed. Twist insured the office building with "We care Insurance Company" and paid monthly premium of 200 per month. viii. In November, 2019, an explosion occurred in Twist Limited which destroyed the factory building completely. "We care Insurance Company" compensated Twist an amount of GH 245,000 ix. Twist leased plant for 6 years in January, 2020 of which Twist will be paying an annual rental of GH120,000. The plant can be acquired outright for cash of GH450,000. The implicit interest rate of the lease is 10% and the expected useful life of the building is 7 years. In February, 2020, office equipment was sold for a consideration of GH 54,000 Required: i. Compute Capital Allowance for Twist manufacturing Company Limited for the relevant years of assessment in accordance with the third Schedule of Income Tax Act 896 (10 marks) (Note your computation should not exceed 2020 year of assessment) ii. Provide notes to support your computation in (i) above (20 marks) X. (Total: 30 marks) QUESTION TWO a. Tax administration in Ghana has seen a number of reforms since the 1940s, with the most recent being the integration of the Revenue Agencies to an Authority to act as a one stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791). Ghana Revenue Authority (GRA) is operated under three divisions namely, Domestic Revenue Tax, Custom and Support Service of which each of them play an important roles in mobilizing revenue to Government of Ghana. During each fiscal year, Ghana Revenue Authority generates taxes revenue using both Source based-taxation and Resident based-taxation methods. The Revenues below represent Tax generated by Commissioner General of Ghana Revenue Authority for 2019 year of assessment. Use it to answer the questions that follow. GH '000 Other International Trade Taxes 6,500 Excise duties 2,000 Valued Added Tax (VAT) 4,000 Import VAT 3,000 Property taxes 3,000 Vehicle Income Tax Stickers (VITS) 2,000 Petroleum Taxes 1,200 National Health Insurance Levy 2,000 Capital Gain Taxes 7,000 Export and Import Duties 19,000 Excise Tax Stamps 3,000 Corporate Taxes 2,000 PAYE 8,000 Communications Service Tax (CST) 4,000 Total Revenue 88,500 Required i. Outline the responsibility and structure of Domestic Tax Revenue Division (DTRD) (6 marks) ii. Compute the total taxes collected by this Domestic Tax Revenue Division. (4 marks) iii. Calculate the total taxes collected by Custom Division. (3 marks) iv. Compute the total taxes collected by Support Service Division. (3 marks) Evaluate how best GRA had been arranging its affairs to achieve low compliance and administrative cost. (4 marks) V b. ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estimated chargeable income for the year 2016 was GH 1.2 million. However, the Company's Returns which were submitted to the Large Tax Payers Office at the VAT House on 1st April, 2017 showed a chargeable income of GH1.8 million. During this period, Bank of Ghana policy rate was constant at 24% per annum. ABC Ltd made its first installment payment on 31st March, 2016. Required Compute the Interest payable by the company. (10 marks) (Hint: Your answers should be in line with section 70 of Revenue Administration Act 2016 (Act 915)) (Total: 30 marks)