QUESTION 1 a) The use of taxation is an essential tool that has helped and hurt economies worldwide including that of the developing countries. Required: Identify and explain FIVE (5) social impacts of taxation in Ghana. (10 marks) b) The use of debt by countries to finance national budget has engaged the attention of economists, tax practitioners and the ordinary man in the interest regarding its impact on the economy. While some prefer domestic debt, others are making a case for foreign debts as part of government's fiscal policy Required: Present a report on the benefits to a government for going in for a foreign debt as opposed to going in for domestic debt as a support to revenue base from taxes. (10 marks) c) Tax reforms have characterised Ashanti taxation. Countries have embarked on various reforms geared towards improvement in tax revenue to help provide the basis for infrastructural and guarantee sustainable development. Ghana is not been left out in these critical tax reforms. Tax administration in Ghana therefore has seen a number of reforms since the 1960s, 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). Required: Evaluate Five (5) roles played by the Ghana Revenue Authority in the management of the Ghanaian economy. (10 marks) d) In line with best practices, the Ghana Revenue Authority is mandated to encourage voluntary tax compliance to shore up revenue. This, among others includes responding to taxpayers' requests promptly. Required: Present a report to client explaining to him/her the term class ruling and its relevance. (10 marks) [Total 40 marks QUESTION 1 a) The use of taxation is an essential tool that has helped and hurt economies worldwide including that of the developing countries. Required: Identify and explain FIVE (5) social impacts of taxation in Ghana. (10 marks) b) The use of debt by countries to finance national budget has engaged the attention of economists, tax practitioners and the ordinary man in the interest regarding its impact on the economy. While some prefer domestic debt, others are making a case for foreign debts as part of government's fiscal policy Required: Present a report on the benefits to a government for going in for a foreign debt as opposed to going in for domestic debt as a support to revenue base from taxes. (10 marks) c) Tax reforms have characterised Ashanti taxation. Countries have embarked on various reforms geared towards improvement in tax revenue to help provide the basis for infrastructural and guarantee sustainable development. Ghana is not been left out in these critical tax reforms. Tax administration in Ghana therefore has seen a number of reforms since the 1960s, 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). Required: Evaluate Five (5) roles played by the Ghana Revenue Authority in the management of the Ghanaian economy. (10 marks) d) In line with best practices, the Ghana Revenue Authority is mandated to encourage voluntary tax compliance to shore up revenue. This, among others includes responding to taxpayers' requests promptly. Required: Present a report to client explaining to him/her the term class ruling and its relevance. (10 marks) [Total 40 marks
