Lesson 3 Chargeable and Assessable Income.pdf - ACCT 405 TAXATION Lesson 2 \u2013 Chargeable and Assessable Income College of Humanities University of

Lesson 3 Chargeable and Assessable Income.pdf - ACCT 405...

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College of Humanities University of Ghana Business School Department of Accounting ACCT 405 TAXATION Lesson 2 – Chargeable and Assessable Income
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Session Overview Lesson Objectives: § By the end of this section you should be able to: explain the term chargeable income differentiate between assessable income of resident and non-­‐resident person present mathematical relationship between chargeable and assessable income discuss the various types of resident person understand the term permanent establishment. Prof. M. Amidu, Dr. I. Bedi and Mr. A. Ali-­‐Nakyea Slide 2
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Session Outline § The key topics to be covered in this session are as follows: Chargeable Income Assessable Income Mathematical presentation Various Sources of Income Permanent Establishment Prof. M. Amidu, Dr. I. Bedi and Mr. A. Ali-­‐Nakyea Slide 3
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Reading List § Ali-Nakyea A. (2014), Taxation in Ghana-Principles, Practice & Planning, Black Mask Ltd., 3 rd Edition. Chapter 3, (page 53-56) § Agalega, E. (2017) Ghana Taxation: Comprehensive Guide on New Tax Laws, 2 nd Edition, SMK Graphicx, Koforidua, Ghana. Chapter 1, (page 1-25) § Income Tax ACT, 2015 (ACT 896), Ghana Publishing Company Limited, (Assembly Press), Accra, Ghana, Section 2 and 3 . Abdallah, A, & Addo S., (2007). Public Sector Economics and Finance. Black Mask Limited. Chapter 6, 7 & 8 (page 125- 193) Prof. M. Amidu, Dr. I. Bedi and Mr. A. Ali-­‐Nakyea Slide 4
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CHARGEABLE INCOME Topic One Prof. M. Amidu, Dr. I. Bedi and Mr. A. Ali-­‐Nakyea Slide 5
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Chargeable & Assessable Income § The chargeable income of a person for a year of assessment is the total of that person’s assessable income for the year from each employment, business, or investment less the total amount of deductions allowed to that person for the year. Assessable income on the hand is defined with reference to the residency of the person. There are two main kinds of residency in Ghana, namely resident and non-resident 6 Prof. M. Amidu, Dr. I. Bedi and Mr. A. Ali-­‐Nakyea
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Chargeable & Assessable Income § The assessable income of a resident person is income
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