OBJECTIVE
To test candidates’ understanding and use of the tax laws in the application and solution to real time business tax problems.

THE SYLLABUS

Strategic Tax Planning

Tax administration and management

The GRA establishment and amendments thereto

Strategic Tax Planning

• Taxation and Present Value Analysis
• Basic Principles of Tax Planning
• Factors Affecting Tax Planning
• Legislative and Judicial Restriction, Uncertainty

Tax Strategies For New Business

• Organizational Strategies
• Forms for Business Entities
• Basic Tax Consequences of Entity Choice
• Strategies for Transferring Property to Controlled Entities
• Buy or Lease of Property strategies
• Employee Compensation Strategies
• Proprietor Compensation, Fringe Benefits
• Deferred Compensation, Equity Based Compensation, Employee Stock Plans/Options

Taxation And Business Operating Strategies

• Profit Measurements and Reporting for tax purposes
• The Entity’s tax accounting Year
• Accounting for Income Taxes: Deferred Tax Assets and Liabilities, Corporate Tax Payment Requirements
• Tax Incentives
• Criticisms of Tax Incentives and restrictions on their Benefits
  Partnership Tax Assessment, Profit and Loss Allocations by Partnership Entities
• Distributions to Business Owners
• Corporate Distributions, Partnership Distributions, Sole Proprietor Distributions
• Anti-Avoidance Schemes
• Consequence of non-compliance

Strategies For Business Growth And Expansion

• Multiple-Entity Business Structures
• Tax effects for Multiple Entity Structures
• International Business Expansion
• Tax effects of, Double Tax Treaties
• Foreign Tax Credit, Sourcing of Income and Deductions
• Transfer Pricing

Taxation And Business Capital Transactions

• Disposition of Equity Interest in Business Entities, stock redemptions,
• Corporate Acquisitions, Mergers and Divisions
• Tax effects of Corporate Acquisitions – Assets or Stock? Purchase of Targets Assets
• Capital gains tax, gifts tax

Taxation Of Specialized Business Units

Oil and gas mining, banking, insurance, farming, venture capital entities, freee zone companies

Indirect taxation

• Strategic management of
  • Port duties
  • Excise duties
  • VAT
• Indirect tax assessment, management and reporting
• Impact of indirect taxes on landed goods services, product costs and on overland distribution
  Split-Offs and Split-Ups
  

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OBJECTIVE
To test candidates ability to:
a) Display an awareness of the impact of all major taxes on transaction of Individuals, Partnerships and Companies.
b) Appreciate the importance of taxation in personal and business financial planning and decision making.
c) Solve unstructured problems which draw on the interaction of taxes.
d) Demonstrate the skills expected of the Chartered Tax Adviser.

THE SYLLABUS

• The ascertainment and computation of income and income tax payable by individuals, corporate entities, partnerships, trusts and other unincorporated businesses.
• The computation of reliefs and capital allowances. 
• Taxation of employment income. Tax treatment of Retirement Savings and Life Insurance Premiums.
• Application of the correct rates of import duties, value added tax, special tax, excise duties, and other prevailing taxes on exports, imports and locally produced goods. Determination of the correct classification of goods and true value of goods.
• Computation of Mineral Royalties.
•  Taxation of Petroleum, Minerals and Mining entities.
• The application of the principles in respect of cessation of trade on liquidation or reconstruction or amalgamation.
• Taxation of Insurance business; Short-term insurance and life insurance.
• Ascertainment of Capital Gain and Computation of Capital Gain Tax. Valuation and Taxation of taxable gifts.
• Application of provisional and self-assessment rules and their relationship to business financial decisions.
• Application of Tax Accounting principles and Taxation rules for determining income
• Cash basis accounting; Accrual basis accounting; Prepayments; Claim of right; Long-term Contracts; Trading stock; Debt obligations; Jointly owned investments; Indirect payments and benefits; Recouped expenditure.
• The Treatment Of The Following Issues In Taxation
  • Hedging
  • Distribution by corporate entities
  • Roll-over reliefs
  • Collateral benefits
  • Profit or dividend stripping
• The general application of statutes and case law decisions to practical problems

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OBJECTIVE
To ensure that students acquire in-depth knowledge of tax administration procedures and develop a thorough knowledge and understanding of tax compliance issues and be conversant with the implications of non-compliance.

 

THE SYLLABUS

• The Structure And Functions Of Revenue Agencies
• The Structure and functions of the Ghana revenue authority
• The power of the commissioner general of the Ghana revenue board
• Delegation of duties and powers of the commissioner general
• The definition of commissioner general in administration of taxes
• Function of custom administration: revenue and non-revenue functions; agencies duty and duties of customs officer; duties of excise officer; duties of preventive officer; reasons for prohibitions and restrictions of imports and exports

The Tax Compliance Process

• Assessment and filing of return procedures relating to Income Tax, Capital Gains Tax, Gift Tax and other taxes and levies.
• The Assessment procedures of Custom,  Excise, Export, and import Duties, Duties and special taxes and Value Added Tax.
• Good-in-transit procedures
• Preparation of customs entry forms
• The import entry and export entry making processes
• Valuation for custom purposes
• Import entry declaration and procedures for clearing goods
• The conditions and procedure for duty drawback
• The entry procedure for free zones securities
• Custom warehousing, bonds and securities
• The preparation of returns for communication service tax and payments
• Due dates for filing returns and payment of Income tax, VAT, Duties, Special Taxes
• Preparation of VAT returns and payments
• The documentation requirement of imported services
• Collection Procedures. Collection of Tax by attachment and garnishment; Tax as a debt to internal revenue service, custom excise and preventive services and Value Added Tax; Duties of Receivers. Recovery of Tax from agents. Appointment of agents for the Collection of tax.
• The procedure for remissions, refunds and set-off of taxes.
• Objections and  Appeals procedures the process of resolving dispute
• The procedure for imposing interests and penalties
• How to deal with tax offences
• Offence and penalty for non-compliance of transfer pricing rules and regulations
• Tax forms and notices: procedure for serving notices and other documents containing mistakes
• The process and conditions for obtaining and issuing tax clearance certification number (TIN)
• Preparation of tax schedules and tax returns for compliance purposes
• The meaning and interpretation of terms specifically used in the authoritative sources of revenue law

The Tax Consultancy Process

• Managing the phases of the consulting process:
• The relationship building phase of the process: entry and contracting stages; the information phase; the action phase; the feedback and terminating procedure of the tax consultancy process
• The authoritative sources of revenue law:
• Secondary sources, tax periodicals, tax services and tax manuals
• Statutory law, administrative interpretations and tax treaties
• Tax research the elements of tax research; the process of conducting tax research

Professional, Legal Rules And Practice Guidelines

• Legal rules: ownership of documents; retention of records and time limits; information requests from revenue agencies; request from other parties; data protection
• Professional standards and guidelines issued by the profession both in Ghana and international: practice governance and management; client service; complaints; dispute resolution between practitioner and third parties; training and continuous professional development
• The professional responsibilities of member in employment
• The ethical aspects of taxation practice: managing ethical behaviour in tax practice