The following unstructured invoice has been forwarded to Adamu Ltd from Asigra Ltd, a standard rated supplier:
Goods invoiced (VAT inclusive) GH¢3,000,000
The above transactions relate to payment for goods in January 2019.
Required:
i) Compute the withholding tax payable by Adamu Ltd. (2 marks)
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ii) Compute the penalty payable, assuming Adamu Ltd filed the withholding tax return 12 days after the due date? (3 marks)
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Penalty for filing 12 days late
GH¢500+ (GH¢10x12days)
=GH¢620