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SOLUTION - ADVANCE TAX PLANNING & FISCAL POLICY MAY 2009 QUESTION 1 Every income has a source.

The source may be of various kinds for example, (i) (ii) (iii) an actual right to receive payment, for example, employment, professions, for services rendered; An income producing activity, for example, from a trade, business, profession or vocation; An income producing asset, for example, from investments, rent etc.

These sources may be from Ghana or outside Ghana. Where the source is in Ghana it is said to be accruing, in or derived from Ghana. Where, however, the source is outside Ghana, it is described as brought into or received in Ghana. The question of assessability is also affected by the residence of the person receiving the income. A resident person is liable to tax from sources in Ghana if the income is brought into or received in Ghana. A non-resident person is however liable for tax on income derived or accruing in Ghana only. The source and type of income are also contributory factors in determining the mode of assessment and rates of tax to be applied. Section 63 of the Act provides a long list of incomes from different sources and indicates their assessability to tax giving due consideration to their geographic source. For example, section 63 (i) provides that the gains or profits from any employment of a person shall be treated as accruing in or derived from Ghana to the extent to which the employment is exercised in Ghana regardless of the place of payment.

QUESTION 2 Year of Assessment 2007 (1/1/07 - 31/12/07) Salary (Overseas) Salary (Local Accommodation Vehicle with fuel Garden Boy Watchman Inconvenience Allowance Risk allowance Chargeable Income GH 6,000 15,000 90 900 1,500 23,490

Year of Assessment 2008 (1/1/08 - 31/12/08) Salary (Overseas) Salary (Local Accommodation Vehicle with fuel Garden Boy Watchman Inconvenience Allowance Risk allowance Chargeable Income Comments: 1. 2. 3. 4. 5. 6. Taxable on local salary, inconvenience and risk allowances. Taxable on amounts paid by parent company since the employment was exercised in Ghana. Taxable on provision for vehicle with fuel. Provision of accommodation at the field of operations, that is, within the rubber plantation is exempt from tax. Garden boy and watchmen exempt as maintaining the assets of the company. Dr. Felix Daz is to be taxed on the non-resident rate of tax (20%). GH 2,000 5,000 30 300 500 7,830

QUESTION 3 Tax Computation Net profit as per accounts Less: Dividends Transport Add: Repairs/Maintenance Legal fees Donations Formation expenses Depreciation Adjusted profit Add: Other Income Assessable Income GH 2,000 11,000 GH 54,500 13,000 41,500

6,500 1,600 500 5,000 3,200

16,800 58,300 11,000 69,300 2

Appropriation Year 2006 Year 2007 (1/7/2006 - 31/12/2006) (1/1/2007 - 31/12/2007) 23,100 46,200

Assessment: (Year 2006) Assessable income Less: Capital allowance Utilised c/f Chargeable income Tax NIL Year of Assessment 2007

GH 56,640 23,100 33,540

GH 23,100 23,100 NIL

GH Profits Less: Capital Allowance b/f Current Utilised c/f Chargeable income Tax NIL 33,540 46,020 79,560 46,200 33,360

GH 46,200

46,200 NIL

Capital Allowance Computation Year 2006 (6 months) Cost Base Depreciation allowance (80% x 141,600 x 6/12) Year 2007 Add (5% of 141,600) Depreciation allowance (50% of 92,040) c/f 2008

141,600 56,640 84,960 7,080 92,040 46,020 46,020

QUESTION 4 A. i. Capital Gains Tax (Kofi Dade) Sum Realised Cost Base Capital gain Tax at 5% GH1,250 Capital Gains Tax (Dan Bulley) Sum Realised Cost Base 60,000 Renovation 5,000 Gain Tax at 5% GH1,250

GH 60,000 35,000 GH 25,000

ii.

GH 90,000 65,000 GH 25,000

iii.

Rent Tax (Dan Bulley) 2002 - - GH5,000 2003 - - GH30,000 2004 - - GH30,000 2005 - - GH30,000 2006 - 2007 - 2008 - -

at 10% at 10% at 10% at 10% 8% 8% 8%

= = = = = = =

GH500 GH3000 GH3000 GH3000 GH2400 GH2400 GH2400

B.

Mrs. Quarcoo to pay gift tax on GH31,500 GH31,500 Less: 50 31,450 at 10% = GH3,145

QUESTION 5 Transactions between associated and connected persons are often carried out with certain considerations in order to avoid the payment of tax. To avoid this, the tax laws are so structured to provide for anti-avoidance provisions. For example: i. ii. Transactions regarded as artificial and fictitious, Undistributed profits of companies 4

iii. iv. v.

Income splitting Transfer pricing General anti-avoidance rule

These provisions and others provide guidance to check the loss of revenue through the activities of the associated and connected persons. Associated and connected persons include: a) The Family Circle: The Ghanaian family is wide and it embraces the individual, his wife and children and all relations. b) c) Business Associates Partners, their spouses and relatives of both. Companies In the case of companies, the deciding factor is control. That is, the extent at which the individual and people connected or associated with him have the control individually or together.

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