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this is a taxation question 1. Fadama Limited commenced business on 1st April 2017, preparing accounts to 30ti September each year. The company had to

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this is a taxation question

1. Fadama Limited commenced business on 1st April 2017, preparing accounts to 30ti September each year. The company had to relocate outside Ghana and therefore ceased to operate on 31st December 2022. The following income were recorded for the relevant periods: Period to 30/09/2018420,000, Year to 30/09/2019330,000, Year to 30/09/2020280,000, Year to 30/09/2021220,000, Period to 31/12/2022160,000. You are required to determine the relevant year (s) of assessment, basis period and income for the year (s) of assessment. 2. The following details were taken from the records of Kadosh Limited for the 2022 year of assessment. Profit before tax - 380,000; financial gain and financial loss of 350,000 and 700,000 respectively were included in arriving at the net profit before tax: You are required to Calculate and explain the allowable financial cost and advise management accordingly. 3. Nana Limited incured expenses of GHe80,500 on repairs and improvement of class 2 depreciable assets for the 2023 year of assessment. The written down value (WDV) of the applicable pool before capitalising any excess is GHe850,000. You are required to detemine the allowable deduction for repairs and improvement and the amount to be capitalised. 4. Kwamena Duncan was employed by Zap Ltd as on 1th October 2019 with an annual salary scale of GHS 180,000 x GHS12,000-GHS380,000. As part of his conditions of service, he is entitled to a monthly risk and responsibility allowance of GHS400 and GHS650 respectively. He was provided with an accommodation which he shares with his immediate boss and fuel coupons for his vehicle. Mr. Kwamena is married to three (3) women and takes care of the educational needs of all his 10 children schooling in recorgnised educational institutions in Ghana and also contributes to the mandatory Social Security Scheme. Mr. Kwamena operates a sole proprietorship business with the name Kwamens Enterprise. The Business is a VAT registered business which generated total taxable supply of GHS500,000 (VAT Exclusive) and incurred expenses of GHS295,000 (VAT exclusive) during the 2022 year of assessment. Kwamena purchased a parcel of Land at Adawso in 2020 for GHS60,000 and incurred legal fees of GHS 20,000 on documentation. In 2022, Kwamena decided to dispose off the land hence engaged the services of an estate agent who charged 10% of the sales value as commission. Kwamena finally sold the land for GHS190,000 in November 2022. Required: a. Compute the Kwamena's employment Income Tax for the 2022 year of assessmen:. b. Compute the Value Added Tax and other related taxes payable by Kwamena for the 2022 year of assessment c. Compute the capital gain tax payable by Kwamena if he opted to pay the tax separately. 1. Fadama Limited commenced business on 1st April 2017, preparing accounts to 30ti September each year. The company had to relocate outside Ghana and therefore ceased to operate on 31st December 2022. The following income were recorded for the relevant periods: Period to 30/09/2018420,000, Year to 30/09/2019330,000, Year to 30/09/2020280,000, Year to 30/09/2021220,000, Period to 31/12/2022160,000. You are required to determine the relevant year (s) of assessment, basis period and income for the year (s) of assessment. 2. The following details were taken from the records of Kadosh Limited for the 2022 year of assessment. Profit before tax - 380,000; financial gain and financial loss of 350,000 and 700,000 respectively were included in arriving at the net profit before tax: You are required to Calculate and explain the allowable financial cost and advise management accordingly. 3. Nana Limited incured expenses of GHe80,500 on repairs and improvement of class 2 depreciable assets for the 2023 year of assessment. The written down value (WDV) of the applicable pool before capitalising any excess is GHe850,000. You are required to detemine the allowable deduction for repairs and improvement and the amount to be capitalised. 4. Kwamena Duncan was employed by Zap Ltd as on 1th October 2019 with an annual salary scale of GHS 180,000 x GHS12,000-GHS380,000. As part of his conditions of service, he is entitled to a monthly risk and responsibility allowance of GHS400 and GHS650 respectively. He was provided with an accommodation which he shares with his immediate boss and fuel coupons for his vehicle. Mr. Kwamena is married to three (3) women and takes care of the educational needs of all his 10 children schooling in recorgnised educational institutions in Ghana and also contributes to the mandatory Social Security Scheme. Mr. Kwamena operates a sole proprietorship business with the name Kwamens Enterprise. The Business is a VAT registered business which generated total taxable supply of GHS500,000 (VAT Exclusive) and incurred expenses of GHS295,000 (VAT exclusive) during the 2022 year of assessment. Kwamena purchased a parcel of Land at Adawso in 2020 for GHS60,000 and incurred legal fees of GHS 20,000 on documentation. In 2022, Kwamena decided to dispose off the land hence engaged the services of an estate agent who charged 10% of the sales value as commission. Kwamena finally sold the land for GHS190,000 in November 2022. Required: a. Compute the Kwamena's employment Income Tax for the 2022 year of assessmen:. b. Compute the Value Added Tax and other related taxes payable by Kwamena for the 2022 year of assessment c. Compute the capital gain tax payable by Kwamena if he opted to pay the tax separately

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