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b. Abusua Dwarf Limited Located in a Free zone commenced operation in 2009. A new tax accountant was employed in January, 2019 but lacked the
b. Abusua Dwarf Limited Located in a Free zone commenced operation in 2009. A new tax accountant was employed in January, 2019 but lacked the expertise to diligently execute his duties as tax expert. The management have expressed their persistent worry about the new tax accountant to accurately calculate the business' tax obligations to agree with what is assessed by the Ghana Revenue Authority each year. The management, in March, 2022, decided for the first time to import direct material from the UK for production of finished goods for sale to the domestic market. Also, they have planned to pay 55% of their post-tax profit to the shareholders, transfer 15% to Stated Capital and retain the remaining 30\% in the business. The Management has contacted you a tax intern of Oliver Twist Tax Consult, for advice about their new line of action. Required Write a report to management about the tax implication of their new line of action. (10 marks)
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