Ganigani Ltd is a company based in Ghana and has a business dealing mainly in Nigeria. In the 2020 year of assessment, the following data is relevant to parts of its operation:
Global income GH¢25,000,000
Tax paid in Nigeria ₦1,000,000
Exchange Rate GH¢1= ₦67.59
Ganigani Ltd elects to relinquish a foreign tax credit for the year in line with section 112 of the Income Tax Act, 2015 (Act 896) as amended.
Required:
Compute the tax payable. (4 marks)
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