Nov 2019 Q1 b&c.
b) The only tool for communicating a tax liability to a tax payer is through a notice of assessment.
Required:
What are the elements of a notice of tax assessment? (8 marks)
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Where the Commissioner-General makes an assessment, the Commissioner-General is required to serve a written notice of the assessment on the taxpayer. In addition to any requirement of the tax law in question, the notice of assessment should contain:
- The name of the taxpayer.
- The Taxpayer Identification Number of the taxpayer.
- The assessment by the Commissioner-General of the tax payable by the taxpayer for the period, event or matter to which the assessment relates.
- The amount of tax remaining to be paid after any relevant credits, reductions or pre-payments.
- the manner in which the assessment is calculated
- The reason why the Commissioner-General has made the assessment
- The date by which the tax is to be paid; and
- The time, place and manner of objecting to the assessment.
c) The following data is relevant to Naab Ltd tax affairs for 2018 year of assessment:
Self –assessment returns submitted:
Tax paid on self-assessment GH¢ 1,000,000
Chargeable income GH¢ 4,000,000
Actual Returns submitted:
Chargeable Income GH¢ 6,000,000
Correct amount-Tax payable GH¢ 1,500,000
Required:
What is the amount of tax underpayment to be subject to interest computation? (2 marks)
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