1986 the PNDC passed the IRS Law PNDC L143 to establish the IRS to replace the

1986 the pndc passed the irs law pndc l143 to

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1986, the PNDC passed the IRS Law, (PNDC L.143) to establish the IRS to replace the Income Tax Department. Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali-Nakyea
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Taxation in Ghana 1991, NRS Abolished 1998, Revenue Agencies (Governing) Board Act 558 was passed and the Board was constituted in 2001 In 1998, the Value Added Tax Act, 1998 (Act 546) was enacted. In 1998, the Value Added Tax Service was established. 2001 Internal Revenue Act, 2000, Act 592 enacted 2009-Idea of Ghana Revenue Authority was included in the national budget to replace the RAGB In 2010 GRA was established In 2013, Value Added Tax Act, (Act 870) was enacted to replace Value Added Tax, 1998 (Act 546). 2016 Income Tax Act, 2015, Act 896 was enacted to replace Act 592 Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali- Nakyea
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Fiscal policy Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali- Nakyea It is the use of government revenue, expenses and debt to control or influence the behaviour of the economy. Taxation Expenses Debt
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Importance of Taxation There are two broad objectives of virtually all taxation systems. These can be classified into revenue and non- revenue objectives. The main role taxation plays in the national economy are: To raise revenue to defray the cost of services produced by the State; To reduce inequalities arising from distribution of wealth; To restrain certain types of consumption, e.g., alcoholic beverages; To control inflation To create employment Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali- Nakyea
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Importance of Taxation To reallocate resources To protect home industries, and To control certain aspects of the country’s economy, e.g., balance of payments, employment, savings, investment and productivity. Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali-Nakyea
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Importance of Taxation Activity Given the importance of taxation, what are the policies needed to achieve these benefits? Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali-Nakyea
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FORMS OF TAXES Topic Two Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali-Nakyea
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Forms of Taxes Two broad classes of taxes can be identified. These are Direct taxes and Indirect taxes. The basis of differentiation is the extent to which a particular tax burden could be passed on to a third party (or the final consumer) by the initial tax payer. Impact and incidence By this criterion, all taxes which cannot be passed on to third parties or the final consumer by the initial tax payer are considered as direct taxes. These include corporate and personal income taxes, capital gains and gift taxes etc. Indirect taxes, on other hand are those taxes, the burden of which can be transferred with relative ease by the initial payer to third parties. Prof. M. Amidu, Mr. R. Togormey & Mr. A. Ali-Nakyea
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Forms of Taxes Indirect taxes are described as such principally because, the importer or exporter or manufacturer or seller of any good and services on whom customs, duties, excise duties or sales tax or VAT are initially imposed does not really suffer the burden of the tax payment, but merely transfers it to the final consumer of the goods and services.
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  • Fall '19
  • forms of taxes, Prof. M. Amidu, Mr. R. Togormey, Mr. A. Ali-Nakyea,  Kunbour

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