i. Self-Assessment Tax Regime
Self-assessment regime is a type of assessment regime where a taxpayer is made responsible for accurately computing and reporting their tax liability. The taxpayers are required to estimate their taxable income and the tax thereon for the year of assessment. Taxpayers on self-assessment may file revisions of their estimates and pay taxes in accordance with section 80 of the Internal Revenue Act 2000, Act 592 accordingly.

i. Persons on self assessment are persons specified in a notice published in the Gazette
or in a print media by the Commissioner General
ii. An estimate furnished under a revised estimate to the Commissioner General shall
remain in force until revised by the person together with a statement of reason for
the revision
iii. Where the Commissioner General is not satisfied with the estimate or revised
estimate, the Commissioner General may set aside the estimated assessment and
provisionally assess the person
(4 marks)

ii. Benefits of Self-Assessment
The benefits include but are not limited to the following:

1. The taxpayer is given the opportunity to make the estimate, which engenders trust. This makes the taxpayer confident in the system and helps them own their tax affairs.
2. Taxpayers know their personal circumstances and can make better estimates under no duress.
3. The taxpayer is free to revise estimates to avoid penalties as dictated by their business circumstances.
4. It reduces the cost of doing business as there is no need for objections to provisional assessments.
5. It builds the technical skill of taxpayers over time.
6. It promotes healthy interaction between taxpayers and the Ghana Revenue Authority (GRA).
7. It encourages accurate record-keeping by the taxpayers, which is crucial for self-assessment.
   (6 marks for any 6 points)