Question Tag: Thin Capitalization

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  • 10 Marks

AT – Aug 2022 – L3 – Q5b – Tax Planning

Advise Wina Ltd on the tax implications of acquiring shares and providing a financial facility to Fatia Ltd in Ghana.

Wina Ltd (Wina) is a company incorporated in the United States of America and also resident
in the United States of America. The Company has been looking for opportunities across Africa
to invest its idle funds in support of shareholders’ decision.
In the latter part of 2021, the management of Wina identified Ghana as a country with huge
potentials for foreign investments. Wina intends to acquire 60% shares in Fatia Ltd (Fatia), a
company resident in Ghana with indigenous ownership but with unimpressive financial
records.When the deal is approved, it would provide a financial facility, the equivalent of
GH¢10,000,000 as a loan with interest at the rate of 22.5% comparable to all other interest
rates.
The equity of Fatia amounts to GH¢500,000 comprising Stated Capital of GH¢250,000,
Retained Earnings of GH¢200,000 and Revaluation Reserves of GH¢50,000.
Required:
Using the format of a memo:
Advise the management of Wina as a final level candidate on the tax implications of this
investment and the credit support that Wina can give without any restriction from the Ghana
Revenue Authority.

To: Management of Wina Ltd
From: Final Level Student
Date: [Insert Date]
Subject: Tax Implications of Investment in Fatia Ltd and Provision of Financial Facility

Introduction:
This memo addresses the tax implications associated with the proposed acquisition of 60% shares in Fatia Ltd, a resident company in Ghana, and the provision of a financial facility of GH¢10,000,000 with an interest rate of 22.5%. The focus will be on the applicable tax laws, particularly thin capitalization rules, and allowable credit support.

1. Thin Capitalization Rules:

  • According to the Ghana Income Tax Act, 2015 (Act 896), if a non-resident entity controls 50% or more of a resident company, thin capitalization rules apply. The safe harbor debt-to-equity ratio is 3:1.
  • Fatia Ltd has total equity of GH¢500,000 (comprising GH¢250,000 Stated Capital, GH¢200,000 Retained Earnings, and GH¢50,000 Revaluation Reserves).
  • Based on the 3:1 ratio, Fatia Ltd can only support up to GH¢1,500,000 of debt without restriction (GH¢500,000 * 3).

2. Excess Debt Disallowed:

  • The financial facility proposed (GH¢10,000,000) exceeds the allowable debt by GH¢8,500,000 (GH¢10,000,000 – GH¢1,500,000).
  • Interest on the excess debt will not be allowed as a deduction for tax purposes in Ghana.

3. Withholding Tax on Interest Payments:

  • Interest paid on the loan will attract withholding tax at a rate of 8%.
  • The withholding tax on interest constitutes a final tax for Wina Ltd, meaning it satisfies the tax liability on the interest income received.

4. Foreign Exchange Implications:

  • Any foreign exchange fluctuations related to the loan repayment and interest payments will follow the same tax treatment as the interest itself.

5. Recommendations:

  • To minimize tax liabilities and avoid disallowed interest, Wina Ltd should consider increasing Fatia Ltd’s equity base, thereby allowing a higher debt capacity under the 3:1 ratio.
  • Alternatively, Wina Ltd could restructure the financial arrangement to remain within the allowable debt limits.

Conclusion:
By adhering to the thin capitalization rules and managing the debt-to-equity ratio, Wina Ltd can minimize the risk of disallowed interest and ensure compliance with Ghana’s tax laws.

Best Regards,
[Your Name]
Final Level Student

  • 6 Marks

AT – NOV 2021 – L3 – Q2c – International taxation | Business income – Corporate income tax

Advise on tax implications of loan forgiveness between a Korean parent company and its Ghanaian subsidiary.

Yelbateng Ltd is a Korean company and has a subsidiary in Ghana, by the name Yelbateng Ghana Ltd.

The parent company in 2008 gave a loan facility to the subsidiary to support its operations. However, interest on the loan from 2009 to 2019 came to $8,000,000 after applying a thin capitalisation rule in taxation. As a result, the total amount was accrued by Yelbateng Ghana Ltd, as the company did not have money to pay the interest as agreed in the loan contract.

The total amount of the loan was $20 million. In the year 2020, the Board took a decision to relief the subsidiary of the loan obligation, meaning the loan with its interest was not going to be repaid by the subsidiary.

Required:

You have been invited as a final level candidate to advise the company on the tax implication of this arrangement. (6 marks)

The loan from the parent company to a subsidiary shall be subject to the thin capitalisation rule. The interest on the loan is tax deductible provided it is within the thin capitalisation rule.

With the accumulated interest of $8,000,000 and a loan amount of $20 million forgiven by the parent company, both become income in the books of Yelbateng Ghana limited and therefore taxable.

Tax implication

The withholding tax on the amount of interest on the loan shall be deducted and paid to the Ghana Revenue Authority in line with the tax provision.

Additionally, the amount of $800,000 forgiven and the loan of $20 million shall be treated as income in the company’s books for tax purposes.

  • 6 Marks

AT – Nov 2020 – L3 – Q3a – International taxation

Tax implications of a loan from a parent company and foreign exchange losses for Mandy Ltd, a subsidiary of Menkay Incorporated.

The following information is relevant to Mandy Ltd (Ghana), a subsidiary of Menkay Incorporated, a company resident in Japan.

Following Mandy Ltd’s operational challenges, a loan of US$1,500,000 was secured from its parent company in 2019 year of assessment.

Additional information relevant to Mandy Ltd’s operations:

Description Amount (GH¢)
Interest on loan paid in 2019 300,000
Foreign exchange loss 105,000
Equity:
Share capital 150,000
Retained earnings 300,000
Total equity 450,000

Exchange rate: 1US$ = GH¢5.73

Required:
Determine the tax implication of the above transaction.


  • 10 Marks

AT – Nov 2020 – L3 – Q2b – Tax planning

Tax implications for a Singaporean investor looking to establish shoe or juice manufacturing companies in Ghana.

Following the government’s commitment to build one factory in each district in Ghana and its desire to ensure food sufficiency through the planting for food and jobs program, an investor from Singapore intends to invest in a shoe manufacturing company to be located at Accra in the Greater Accra Region of Ghana. He also considers starting a juice manufacturing company at Nsawam in the Eastern Region of Ghana in response to the investment drive of the government.

As part of the investment, he intends to incur the following cost and start operations in 2018 on either proposal, which is the shoe manufacturing company or the juice manufacturing company.

Description Amount (GH¢)
Building 7,200,000
Plant and Machinery 11,700,000
Furniture and Fittings 180,000
Computers 180,000

Additionally, he intends to recruit fresh graduates from the All Nations University College of Ghana. It is further projected that in the first three years, 2018, 2019, and 2020, it will incur GH¢36,000, GH¢32,400, and GH¢18,000 losses, respectively. The investor hopes to start making profit from the year 2021. He intends to borrow at 20% interest from his USA associate, amounting to the equivalent of GH¢100,000,000. The equity he intends to start with is GH¢36,000,000.

Required: As a tax adviser, evaluate the proposed investment by the Singaporean investor and the tax implication on the various activities highlighted in the scenario.

The proposed investment will have the following tax implications:

1. Tax Rebate:

  • Shoe manufacturing in Accra: Corporate tax rate of 25%.
  • Juice manufacturing in Nsawam: Corporate tax rate of 12.5% due to a 50% rebate (since the investment is located in the Eastern Region).

(2 marks)

2. Locational Incentives:

  • Accra/Tema: Corporate tax rate of 25%.
  • Regional capitals: Tax rate of 18.75% due to a 25% rebate.
  • Other areas: Tax rate of 12.5% due to a 50% rebate.

(1 mark)

3. Capital Allowance:

The following depreciable assets will qualify for capital allowances:

Asset Cost (GH¢) Rate Method
Building 7,200,000 10% Straight line
Plant and Machinery 11,700,000 30% Reducing balance
Furniture and Fittings 180,000 20% Reducing balance
Computers 180,000 40% Reducing balance

The capital allowance will reduce the chargeable income and consequently the tax payable.

(3 marks)

4. Fresh Graduate Incentive:

  • Recruitment of fresh graduates provides an additional deduction based on the percentage of fresh graduates in the total workforce:
% of Fresh Graduates in Workforce % of Wages and Salaries as Deduction
Up to 1% 10%
Above 1% to 5% 30%
Above 5% 50%

(2 marks)

5. Loss Carry Forward:

The losses incurred in the first three years (2018: GH¢36,000; 2019: GH¢32,400; 2020: GH¢18,000) can be carried forward for five years. These losses will be deducted from future profits in the order in which they occur.

(1 mark)

6. Thin Capitalization Issues:

  • The borrowing of GH¢100,000,000 against an equity of GH¢36,000,000 raises no thin capitalization issues as the safe harbor rule allows for a debt-equity ratio of up to 3:1.
  • The allowable debt would be 3 * GH¢36,000,000 = GH¢108,000,000, which is higher than the amount of the loan (GH¢100,000,000).
  • Interest on the loan will be allowable as a deduction provided it is at a commercial rate. If the debt-equity ratio exceeds 3:1, interest on the excess debt would not be deductible.
  • 6 Marks

AT – Mar 2024 – L3 – Q3a – Business income – Corporate income tax

Discussing the tax implications of providing an asset to a company as capital or loan contribution.

Agogo Ghana Ltd is a manufacturing entity in Ghana. Mr. Konto, a citizen and resident of Malaysia, owns 80% of the company’s shares. Mrs. Konto, a citizen and resident of Malaysia and wife of Mr. Konto, also owns 15% of the shares of the company. Mr. Bawa, the son of Mr. Konto, holds the remaining 5% of the shares in the company. As of 1st June 2023, the company had a share capital of GH¢400,000. A report submitted by the management to the Board of Directors indicated that the company needs to acquire a plant valued at GH¢1,000,000 to enable the company to increase its production capacity. Mr. Konto, who is the majority shareholder, has offered to finance the purchase of the plant for the company but is unsure whether to provide the plant as a loan or as capital.

Required:
Advise Mr. Konto on the income tax treatment of providing the asset to the company as capital or loan contribution.

The tax treatment differs depending on whether the asset is provided as capital or a loan:

1. Loan Contribution:

  • If Mr. Konto provides the GH¢1,000,000 as a loan, the company can deduct interest payments on the loan from its taxable income, thereby reducing its tax liability.
  • Interest payments made to Mr. Konto will be subject to a withholding tax of 8%.
  • The company may be subject to thin capitalization rules. If the debt-to-equity ratio exceeds 3:1, the excess interest paid on the loan will not be deductible for tax purposes. In this case, the share capital is GH¢400,000, and the loan would be GH¢1,000,000, which is within the allowable limit (3 times the share capital = GH¢1,200,000). Therefore, no thin capitalization issue arises.

2. Capital Contribution:

  • If Mr. Konto provides the GH¢1,000,000 as capital, the return on the capital is in the form of dividends.
  • Dividends paid to shareholders are not deductible by the company for tax purposes.
  • Dividends distributed to Mr. Konto will be subject to withholding tax at 8%.
  • If the company retains profits without distributing dividends, the Commissioner-General may treat part of the company’s undistributed profit as a deemed dividend subject to tax.
Conclusion:
It is more tax-efficient for Mr. Konto to finance the acquisition of the plant through a loan, as the company can benefit from tax-deductible interest payments, while dividends from capital contributions are not tax-deductible.
(6 marks)
  • 8 Marks

AT – Dec 2023 – L3 – Q2a – Tax Planning

Computation of tax implications under thin capitalization rules and definition of exempt persons in corporate taxation.

Scenario:
Papana Ltd, a resident company in Ghana, has cash flow challenges after a major customer ceased business dealings. Dawadawa Ltd, another resident company, negotiated with Papana Ltd and acquired 52% of its underlying ownership. As part of this arrangement, Dawadawa Ltd secured a loan facility of GH¢100 million for Papana Ltd at an interest rate of 4% above the average rate of 25%. The total interest paid in 2021 was GH¢2 million. Dawadawa Ltd is exempt from tax on all its income.

The capital structure of Papana Ltd for the 2021 year of assessment is as follows:

Required:
i) Compute the tax implications of the above arrangement.
ii) What constitutes an exempt person?

i) Computation of Tax Implications:

The thin capitalization rule in Ghana limits the amount of interest that can be deducted for tax purposes based on a company’s debt-to-equity ratio, which should not exceed 3:1 for tax purposes. Any excess interest is disallowed.

ii) What Constitutes an Exempt Person?

An exempt person refers to an individual or entity whose income is not subject to tax under specific provisions of the tax laws. In the context of corporate taxation, an exempt person may be:

  1. Government Institutions or Agencies: Government entities that are exempt by statute from paying taxes on their income.
  2. Charitable Organizations: Non-profit organizations that engage in charitable activities, which are often exempt from tax on income derived from their operations.
  3. Diplomatic Missions and International Organizations: Diplomats and international organizations that enjoy exemptions from tax under treaties or international agreements.
  4. Exempt Entities by Statute: Companies or individuals exempt from tax under specific legislative provisions, such as entities operating under certain investment promotion laws (e.g., free zone enterprises).

In this case, Dawadawa Ltd is classified as an exempt person because it is exempt from tax on all its income, as mentioned in the scenario.

  • 20 Marks

AT – Dec 2023 – L3 – Q1 – International taxation

Calculating tax adjustments for related party transactions between Abirem Ltd and Gomoa Ltd, including pricing and dividend issues.

Gomoa Ltd, a resident of the United States of America, established two companies, Komenda Ltd (resident in South Africa) and Abirem Ltd (resident in Ghana). The Ghana Revenue Authority (GRA) requested information about Abirem Ltd for tax purposes.

The details for the 2021 year of assessment are as follows:

Additional information:
i) Gomoa Ltd invoiced goods to Abirem Ltd at a price of GH¢1,900,000, which is 10% higher than the market price.
ii) Dividend of GH¢700,000 paid by Abirem Ltd to Gomoa Ltd has been incorporated into Abirem Ltd’s cost.
iii) Management and technical services fee of GH¢1,290,000 paid to the group by Abirem Ltd has been added to operating expenses.
iv) Goods invoiced to Komenda Ltd by Gomoa Ltd amounted to GH¢1,000,000, priced 15% below the arm’s length price.
v) Dividend of GH¢200,000 received by Abirem Ltd from a resident company is included in its revenue. Abirem Ltd holds 25% of the resident company’s voting power.
vi) The Managing Director of Abirem Ltd took goods for personal use, valued at GH¢200,000 (cost), with a margin of 20%.
vii) The Managing Director of Abirem Ltd took additional goods worth GH¢130,000 at cost for home consumption, which was not added to the cost of goods above. The goods were sold at a 10% markup.
viii) Abirem Ltd paid GH¢20,000 in tax in South Africa at a rate of 27% on goods sold, which was included in its revenue.
ix) Abirem Ltd received a loan from Komenda Ltd for operations. Loan details are as follows:

  • Loan amount: GH¢10 million
  • Interest on loan payable: GH¢1,000,000
  • Foreign exchange loss on the loan: GH¢200,000
    x) Equity at the start of the year: GH¢2,000,000, and at the end of the year: GH¢2,800,000
    xi) GH¢400,000 was transferred from retained earnings to share capital.
    xii) Financial gain from derivative: GH¢2.5 million, and financial cost from derivative: GH¢6 million, included in operating expenses.

Required:
Calculate the tax payable by Abirem Ltd for the 2021 year of assessment.

Abirem Ltd – Computation of Tax Payable for Year of Assessment 2021

Workings:
W1 – Loan Interest and Foreign Exchange Loss Adjustments:

  • Loan amount: GH¢10 million
  • Interest on loan: GH¢1,000,000
  • Foreign exchange loss: GH¢200,000
  • Equity: GH¢2,000,000
  • Debt-to-equity ratio: 3:1
  • Allowable debt: 3 × GH¢2,000,000 = GH¢6,000,000
  • Allowable interest: (GH¢6,000,000 / GH¢10,000,000) × GH¢1,000,000 = GH¢600,000
  • Disallowed interest: GH¢1,000,000 – GH¢600,000 = GH¢400,000
  • Allowable foreign exchange loss: (GH¢6,000,000 / GH¢10,000,000) × GH¢200,000 = GH¢120,000
  • Disallowed foreign exchange loss: GH¢200,000 – GH¢120,000 = GH¢80,000

Withholding Tax on Management and Technical Services:
20% × GH¢1,290,000 = GH¢258,000

  • 12 Marks

AT – July 2023 – L3 – Q1a – International taxation

Analyzing the tax implications of share capital, loan interest, revaluation reserves, and thin capitalization

On 1 January 2022, Frost Ltd based in the United States of America acquired 100% shares in Nzungu Ltd in the Gambia. Also, Nzungu Ltd acquired 60% shares in Gyakye Ltd in Ghana.

Frost Ltd granted a loan equivalent of GH¢100 million to Nzungu Ltd. The loan was subsequently passed on to Gyakye Ltd in Ghana to strengthen its capital structure.

The interest equivalent on the loan from Frost Ltd to Nzungu Ltd was GH¢6,000,000. Gyakye Ltd ended up paying GH¢8,000,000 as interest to Nzungu Ltd. The difference in interest payment was a service charge for the role played in transferring the loan to Ghana by Nzunga.

Gyakye Ltd has the following extracts from its Statement of Financial Position as at 2022:

Required:
Evaluate the tax implications of the following:

  1. The movement in the Share Capital.
  2. The loan interest paid.
  3. The movement in the retained earnings.
  4. The movement in the revaluation reserves.
  5. Thin capitalization implications from the above.
  1. The movement in the stated capital expenses the company to payment of stamp duty of 0.5%. Additional shares issued: Stamp duty @ 0.5% on the amount of the increase that is GH¢10,000,000. If it is as a result of transfer from retained earnings, two issues:
    • Deemed dividend withholding tax at 8% on the amount transferred.
    • Stamp Duty on the amount transferred @ 0.5%. (2 marks)
  2. The interest of GH¢8,000,000 paid shall be subject to a withholding tax at the rate of 8%. Additionally, the interest that shall be subject to the thin capitalisation rule shall be interest of GH¢6,000,000 and not the GH¢8,000,000 paid. The movement in the retained earnings implies a stamp duty of 0.5% on the amount transferred and also a deemed dividend withholding tax at 8%. Retained Earnings is treated as deemed dividend and taxed @ 8% on the difference (13,000,000-6,000,000) 8% * 7,000,000 = GH¢560,000.00 (2 marks)
  3. If the reduction in the loss is as a result of loss, that loss shall be carried forward. The movement in the revaluation reserves has no tax implication and therefore not taxable. If it was made a deductible expense, it would be reversed. (2 marks)
  4. The movement in the revaluation reserves has no tax implication except that the GRA must ensure that no asset revalued enjoys capital allowance on the revalued amount. (2 marks)
  5. Thin Capitalisation:
  • 6 Marks

AT – Nov 2016 – L3 – Q3a – Business income – Corporate income tax

Analyze the treatment of interest and foreign exchange loss under thin capitalization rules.

a) The current level of government borrowing has become a topical issue for discussion, causing observers to wonder whether borrowing is good or bad. In the light of this, you are required to:

Below is the capital structure of Nyameke Ghana Limited for the 2014 year of assessment:

GH¢
Equity 20,000,000
Loans 80,000,000
Total 100,000,000

The loans were taken by Nyameke Limited from the parent company based in Nigeria. During the year under review, the subsidiary paid GH¢700,000 as interest on the loan and also incurred an exchange loss of GH¢500,000 on the repayment of a loan taken earlier from the parent company.

Required:
Determine how the above transaction will be treated for tax purposes. (6 marks)

This is a case of interest and foreign exchange loss being subjected to thin capitalization rules. The thin capitalization rules typically limit the amount of interest that can be deducted for tax purposes based on a prescribed debt-to-equity ratio.

  • Thin Capitalization Ratio: The prescribed debt-to-equity ratio is 2:1. This means that the allowable debt is twice the equity amount.
  • Calculation of Allowable Debt:Allowable Debt=2×20,000,000=40,000,000 GH¢\text{Allowable Debt} = 2 \times 20,000,000 = 40,000,000 \text{ GH¢}
  • Interest Deductibility: Since the total debt is GH¢80,000,000, only GH¢40,000,000 is allowed for tax purposes. The interest that can be deducted is proportional to the allowable debt.Interest Allowed=(40,000,000×700,00080,000,000)=350,000 GH¢\text{Interest Allowed} = \left(\frac{40,000,000 \times 700,000}{80,000,000}\right) = 350,000 \text{ GH¢}
  • Interest to be Disallowed: The remaining interest of GH¢350,000 (GH¢700,000 – GH¢350,000) is disallowed.
  • Withholding Tax on Interest: The withholding tax on the total interest of GH¢700,000 at 8% is:Withholding Tax=700,000×8%=56,000 GH¢\text{Withholding Tax} = 700,000 \times 8\% = 56,000 \text{ GH¢}
  • Foreign Exchange Loss: The allowable foreign exchange loss is also proportional to the allowable debt.Allowable Foreign Exchange Loss=(40,000,000×500,00080,000,000)=250,000 GH¢\text{Allowable Foreign Exchange Loss} = \left(\frac{40,000,000 \times 500,000}{80,000,000}\right) = 250,000 \text{ GH¢}
  • Foreign Exchange Loss to be Disallowed: The remaining GH¢250,000 (GH¢500,000 – GH¢250,000) of the foreign exchange loss is disallowed.

Summary:

Item Total (GH¢) Allowable (GH¢) Disallowed (GH¢)
Interest 700,000 350,000 350,000
Foreign Exchange Loss 500,000 250,000 250,000
Withholding Tax on Interest 56,000 – –
  • 12 Marks

AT – Nov 2019 – L3 – Q1a – Tax planning

Analyze the tax implications of a loan arrangement under thin capitalization rules for Kelkadadi Ltd.

The management of Kelkadadi Ltd, a company resident in Ghana since the year of assessment 2007, is a wholly owned subsidiary of Danlerigu Ltd, a company resident in Nigeria. The Finance Manager of Kelkadadi has invited you as a final level three candidate of ICAG and also a Tax Intern with Danlerigu to analyze the transaction below and provide tax implications thereon.

Kelkadadi Ltd contracted a loan of $10 million from Danlerigu Ltd to help it meet its operational activities. The balance standing on the loan account at the beginning of 2018 stood at $5 million and $4.1 million at the end of 2018 year of assessment. The exchange rates are as follows:

  • Year Start (2018) $1 = GH¢5.20
  • Year End (2018) $1 = GH¢5.21

The extract of the financial statement at the beginning of the year 2018 was as follows:

  • Stated Capital: GH¢200,000
  • Retained Earnings: GH¢1,235,000
  • Capital Surplus: GH¢40,000
  • Share Deals: GH¢30,000

Interest on the debt paid during the year amounted to GH¢90,124 and foreign exchange loss on the loan repayment stood at GH¢147,000.

Required:

Write a memo on the possible tax implication(s) on this arrangement to the Finance Manager.

MEMO

TO: Tax Manager
FROM: Tax Intern
DATE: 7th July 2019
SUBJECT: Tax Implication on Thin Capitalization Rules

INTRODUCTION
Following your request for me to provide the tax implication on the thin capitalization, I furnish as follows:

ISSUES
Kelkadadi Ltd is a subsidiary of Danlerigu and any loan that is granted shall be subject to Thin capitalization rule which states that the debt secured should not be more than 3 times the equity of the entity.
In this particular situation, the debt exceeds the three times. Consequently, the interest paid or payable that exceeds the 3:1 ratio shall be added to income and taxed and also the foreign exchange loss paid or payable.
Additionally, the total interest paid or payable attracts a withholding tax at the rate of 8%.

Summary of Interest
Total Interest: GH¢90,124.00
Interest Allowable: GH¢14,922.45
Interest to be disallowed (difference): GH¢75,201.55
From W2 as attached, total interest of GH¢90,124.00 shall attract interest at 8% which is (90,124.00 * 8%)=GH¢7,209.92
Interest of GH¢75,201.55 shall be disallowed, meaning it should not be an allowable deduction out of GH¢90,124 with GH¢14,922.45 allowable.

Summary of Foreign Exchange Loss
Total Foreign Exchange: GH¢147,000.00
Foreign Exchange Allowable: GH¢24,339.81
Foreign Exchange unallowable: GH¢122,660.19
From W3 as per the schedule attached, the total foreign exchange loss of GH¢147,000 only GH¢24,339.81 shall be allowable with GH¢122,660.19 not allowable for tax purposes.

CONCLUSION
In conclusion, the attached schedule will aid your comprehension of the issues as stated above.
Thank you.
Yours faithfully,

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