The Ghanaian system of taxation — basic principles for individuals and corporations, capital gains tax, VAT, customs duties, and tax administration.
Builds on: New topic at Level 2
Principles of Taxation introduces candidates to the Ghanaian tax system and the practical skills required to compute tax liabilities for individuals and companies. It covers the major taxes — income tax, corporate tax, capital gains tax, VAT, and customs duties — within the framework of Ghana's tax legislation. Candidates develop an appreciation of tax policy, the principles of good tax design, and the compliance obligations of taxpayers. This paper is the prerequisite for Advanced Taxation at Level 3.
Canons of taxation (Adam Smith), equity, efficiency, certainty, convenience, and the design of a good tax system.
Residency, taxable income, employment income, PAYE, reliefs, and computation of individual tax liability.
Chargeable income, allowable deductions, capital allowances, industry concessions, and corporate tax computation.
Chargeable assets, computation of gains, exemptions, reliefs, and CGT payment procedures.
Registration, taxable supply, VAT computation, input/output tax, returns and the VAT refund process.
Import duties, tariff classification, customs valuation, and compliance procedures.
The role of the Ghana Revenue Authority, assessment, appeals, penalties, and tax clearance certificates.
Tax computation questions must follow the correct statutory layout — marks are allocated for correct structure as well as correct figures. Memorise the standard income tax, corporate tax, and VAT computation frameworks and practise them until they are automatic.
Tax Associate
Tax Compliance Officer
Revenue Service Officer
Finance Manager
Tax Consultant
Join hundreds of ICAG students at Profs Training Solutions. HD video lectures, AI-powered practice, live classes, and a 92% first-attempt pass rate.
Initializing StudyMate