PRINCIPLES OF TAXATION (PAPER 2.6)

INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG

ICAGSpace Home
→
Past Questions & Solutions
→
NOVEMBER 2019 PAST QUESTIONS AND SOLUTIONS
→
View Item

dc.contributor.author	INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
dc.date.accessioned	2022-07-20T15:56:22Z
dc.date.available	2022-07-20T15:56:22Z
dc.date.issued	2020-11
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/487
dc.description	STANDARD OF THE PAPER The standard of the questions was excellent for level two of the examination structure. All the questions did reflect the Principles of Taxation syllabus of which the candidates were expected to have a fair knowledge to pass. The questions fairly covered the entire syllabus and the expectations were that any average student who wrote the paper should be in the position to pass. Question one assessed the candidates on The Ghanaian Tax Systems, Fiscal Policy and Tax Administration and Tax Assessment. Candidates were examined on topics such as: functions of the Board of GRA and that of the Commissioner General of GRA, functions of the District Assembly Common Fund, computation of interest on overdue tax liability, and tax returns. These questions were supposed to be familiar to candidates because Fiscal Policy and Tax Administration are explicitly stated in the Principles of Taxation syllabus. The marks allocated were also fair for the efforts needed to answer the question. Question two examined candidates on Value Added Tax. The questions were straightforward dealing with basic principles governing VAT. Some of the questions were: examples of taxable activities, VAT implication of instalment payments, and implications of agents and principals. Consistently for the past three sittings, the candidates’ performance have been poor, probably because most of the candidates have not grasped the laws and principles governing the VAT withholding mechanisms. Question three tested candidates understanding on Taxation of Partnerships, Individuals and the principles governing Residents and Non-resident persons.	en_US
dc.description.abstract	EXAMINER’S GENERAL COMMENTS The candidates’ performance in this paper was good but not what was expected based on the standard of the questions. Approximately 20% of the candidates who wrote the paper passed. This was below May 2020 of which approximately 37% of the candidates passed. The encouraging news is that the candidates have now been learning the subject based on the law and principles as indicated in the syllabus and also alluded to by the Chief Examiner in the May 2020 diet. Previous diets indicated that candidates were learning with questions instead of principles of taxation. There were clear general understanding of the questions and more also the questions included instructions to candidates that were specific and clear. Most of the candidates performed excellently probably because the instructions and requirements in the questions were clear enough. This is the third diet for the paper after the change of the syllabus and candidates would have the opportunity to make amends by learning the rudiments of the paper. Candidates are advised, however, to read and pay attention more on the tax laws and principles. This is so because the Principles of Taxation is built on general knowledge on how the tax laws and principles are to work and more significantly how the law and principles are to be explained and applied.	en_US
dc.description.sponsorship	ICAG	en_US
dc.language.iso	en	en_US
dc.publisher	ICAG LIBRARY	en_US
dc.relation.ispartofseries	PT;PAPER 2.6
dc.subject	NOVEMBER 2020 PROFESSIONAL EXAMINATION PRINCIPLES OF TAXATION (PAPER 2.6) CHIEF EXAMINER’S REPORT, QUESTIONS AND MARKING SCHEME ICAG LIBRARY NYARKO TWUM OSBORN ERNEST YAW DENKYIRA	en_US
dc.title	PRINCIPLES OF TAXATION (PAPER 2.6)	en_US
dc.title.alternative	PT PAPER 2.6	en_US
dc.type	Learning Object	en_US