Question Tag: Tax Calculation

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  • 3 Marks

PT – April 2022 – L2 – Q3e – Income Tax Liabilities

Calculate the tax liability on Bisa's bonus income for 2021

Bisa works with Kaydei Ltd and earns an annual basic salary of GH¢140,000. He was paid a bonus of GH¢45,000 in 2021.

Required:
Determine the tax liability on the bonus.
(3 marks)

Bisa
Bonus as a percentage of basic salary

Bonus is more than 15% of annual basic salary therefore part of the bonus will be
taxed at 5% and the excess will be taxed at graduated rate.

Tax on Bonus: GH¢ GH¢
15% x GH¢140,000 = 21,000 x 5% = 1,050.00
Total Bonus 45,000
Added to other income 24,000

  • 5 Marks

PT – July 2023 – L2 – Q5b – Taxation of Capital Gains

Calculate the capital gains tax payable on the sale of a warehouse with associated costs.

Ann sold a warehouse on 13 June 2022 for GH¢640,000. The warehouse was purchased on 14 December 2020 for GH¢328,000 for investment purposes. Ann incurred the following:

Description Amount (GH¢)
Legal fees 10,000
Accountant’s fees 15,000
Transfer tax 1,000

Required:
Calculate the tax payable.

Description Amount (GH¢)
Consideration Received 640,000
Less:
Purchase Cost (328,000)
Legal Fees (10,000)
Accountant’s Fees (15,000)
Transfer Tax (1,000)
Gain on Asset 286,000
Tax thereon @ 15% 42,900
  • 9 Marks

TF – May 2018 – L3 – Q3a – Business income – Corporate income tax

Calculate the capital gain tax from the sale of shares in Annam Company Ltd.

Akua is a shareholder of Annam Company Limited, a company not listed on the Ghana Stock Exchange (GSE) Market. Akua has the following transactions in Annam Company Limited:
i) On 01/07/2008, Akua purchased 200,000 ordinary shares for GH¢184,000. She purchased another 120,000 shares on 01/10/2008 at a price of GH¢1.00 per share. Akua again purchased 95,000 shares on 16/06/2009 at a price of GH¢1.15 per share.
ii) On 20/07/2009, Akua received bonus shares of 1 for every 10 shares currently held by her.
iii) On 01/01/2017, Akua accepted a right offer of 1 for 5 shares held as at 31/12/2015 at a price of GH¢0.90 per share.
iv) On 15/11/2017, Akua sold 340,000 shares for GH¢408,000, paying a commission of 2.5% of the sale value to the brokerage firm that facilitated the sale. The proceeds received from the sale were GH¢0.10 per share lower than a similar share on the Ghana Stock Exchange Market.

Required:
Calculate the capital gain tax if any.
(9 marks)

Computation of capital gain tax

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