Question Tag: Services

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  • 6 Marks

PT – Nov 2020 – L2 – Q2a – Value-Added Tax (VAT), Customs, and Excise Duties

Define taxable activity under VAT and list examples of taxable activities.

i) What is Taxable Activity under Value Added Tax? (1 mark)

ii) Identify FIVE (5) examples of taxable activities. (5 marks)

i) A taxable activity means an activity which is carried on by a person (a) in Ghana, or (b) partly in Ghana, whether or not for a monetary profit, that involves or is intended to involve, in whole or in part, the supply of goods or services to another person for consideration. (1 mark)

ii) Examples of taxable activities include:

  • An activity of a local authority or unincorporated association or body that involves, in whole or in part, the supply of goods or services to another person for consideration.
  • The processing of data or supply of information or similar service.
  • The supply of staff.
  • The acceptance of a wager or stake in any form of betting or gaming, including gaming machines.
  • The making of gifts or loans of goods.
  • The leasing or letting of goods on hire.
  • The appropriation of goods or services for personal use or consumption by the taxable person or by any other person.
  • The sale, transfer, assignment, or licensing of patents, copyrights, trademarks, computer software, and other proprietary information.
  • The export of non-traditional products.
  • 10 Marks

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

Persons making payments for the supply of goods, works, and services are required by the provision of the Income Tax Act, 2015 (Act 896) to withhold taxes on the gross amount at various rates and pay the same to the Commissioner-General.

Required:
In reference to the above statement, explain what Goods, Works, and Services are.

Goods:
Goods refer to objects of every kind and description, including raw materials, products, and equipment in solid, liquid, or gaseous form. It also includes services incidental to the supply of the goods, provided the value of these incidental services does not exceed the value of the goods themselves. Goods include movable tangible property, thermal and electrical energy, heating, gas refrigeration, air conditioning, and water but do not include money.

Works:
Works refer to activities related to construction, reconstruction, demolition, repair, or renovation of a building, structure, or surface. It also includes site preparation, excavation, erection (such as the erection of telecommunication masts), assembly, installation of plant, fixing of equipment, laying out of materials, decoration, finishing, and any incidental activity under a procurement contract.

Services:
Services refer to the furnishing of labor, time, or effort not involving the delivery of a specific end product other than reports. It includes consulting, professional, and technical services but excludes employment agreements or collective bargaining agreements.

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