INSTURCTION
Try answering ALL questions and/or click on SHOW ANSWERS at the bottom of the page to see the suggested answers. All the best!!
Share your comments, answers or questions with us via Whatsapp (+233) 0553969961
SECTION B - CLICK HERE
1. It is the tax that an individual receiving the taxable gift pays to the government. This statement refers to.....
2. 'It is the tax on all the income or gains generated by corporations'. This statement relates to
3. Which of the following is not an advantage of direct tax?
4. ......... is a system in which the average tax rate and the amount of tax payable by the taxpayer decreases as his or her income increases.
5. A good tax system is designed on the basis of an appropriate set of rules which are known as ........... of taxation
6. Which of the following is not one of the limitation of taxation?
7. Which of the following is considered as source of income in Ghana?
8. The ... ... of a person for each year of assessment is the income of that person from any employment, business or investment
9. The total of assessable income of that person for the year from each employment, business or investment less the total amount of deduction allowed to that person.
10. Which of the under listed incomes is not exempted from tax?
11. Which one of the following cannot be considered as income from investment?
12. In Ghana, the.... .......... is responsible for the imposition of tax and also the security against its misuse.
13. One of the under listed is not an example of direct tax.
14. A tax that is deducted at source from each payment due to a person by authorized agents of the Ghana Revenue Authority is known
15. The person who withholds the tax on behalf of Ghana Revenue Authority is
16. The amount of money withheld by authorized person is payable to the Commissioner General within ..... days after the end of the month in which the payment was made.
17. Which of the following is not a form of tax evasion?
18. One of the following is not the source of income tax in Ghana
19. Which of the following is a method by which taxes are paid in Ghana?
20. Which of the following is an attribute of a good tax system?
21. A financial charge or other levy imposed on an individual or a legal entity by state is known a
22. The ... .. is the person, including individuals, partners in partnership business, the trust, body of persons and companies who are required to fulfil the obligations under the tax law.
23. The phenomenon which according to the tax law is being taxed is known as ......
24. One of the following is the main function of tax
25. The statement taxes work as special centralized instrument for equitable allocation and re-allocation of resources among various groups' relates to the;
26. Which of the following is a type of tax in Ghana?
27. The distinction between direct and indirect taxes depends on whether or not the immediate and ultimate.. ....can be shifted wholly or partly to others
28. ........ are taxes imposed on the income, business or property of a person, arising from business, employment or investment, to the extent that the liability to pay the tax and its burden rest on the same person on whom the tax was legally imposed.
29. In Ghana, the administration of direct taxes rests with the ...... of the Ghana Revenue Authority (GRA).
30. A tax imposed by the government on all the income that is generated by various entities within their jurisdiction is called..........
31. The characterization of an item of income into employment, business or investment is important because it determines the tax treatment of the said income.
32. The gains and profits from a business are defined in the Income Tax Act, 2015 (Act 896).
33. In determining the chargeable income of a person for a year of assessment, Article 2(2) of Act 896 requires that a separate assessment is done for each source.
34. Vertical equity means that taxpayers in similar financial condition should pay similar amounts in taxes
35. Vertical equity means that taxpayers who are better off should pay at least the same proportion of taxes as those who are less well off.
36. Direct tax may be paid directly by the person on whom they are legally imposed or by others on behalf of the person on whom the tax is legally imposed.
37. Traditionally, it was held that while tax evasion, strictly speaking, is legal, tax avoidance was considered illegal.
38. Indirect taxes are inflationary in nature.
39. The philosophy behind regressive taxes is that higher income people can afford and should be expected to provide a bigger share of public services than those who are less able to pay.
40. The general rule of situs of taxation therefore, is that the power to tax cannot go beyond the territorial limits of the taxing authority.
