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For your personal practice later, the question solved in this video can be downloaded via this link: 682d6933-6aa1-4034-89f0-790ca85efbf7.filesusr.com/ugd/2563b0_7cf973df85b94f6887dc29c988e27970.pdf
Please from your computation you ignored the GHS50.00 threshold which reduces the chargeable income with respect to capital gains and gift tax. The question is has the threshold of GHS50.00 been done away with ?? And if yes, which section of the ITA ? Thank you.
Hello Nicholas, the GHS 50 was provided for in the repealed Internal Revenue Act, 2000 (Act 592). The Income Tax Act, 2015 (Act 896) does not have this GHS 50 threshold at all. So effectively, since 1 January 2016, no GHS 50 threshold has existed in our tax laws. We hope this clarifies.
To study with us LIVE, register for our premium Full Tuition Program using any of the links below:
- ICAG: taxlawgh.com/icag
- CITG: taxlawgh.com/citg
For other programs (Undergraduate, Post Graduate, LLB), register for our "Principles of Taxation" course on the below page
- taxlawgh.com/icag
For your personal practice later, the question solved in this video can be downloaded via this link: 682d6933-6aa1-4034-89f0-790ca85efbf7.filesusr.com/ugd/2563b0_7cf973df85b94f6887dc29c988e27970.pdf
Please from your computation you ignored the GHS50.00 threshold which reduces the chargeable income with respect to capital gains and gift tax. The question is has the threshold of GHS50.00 been done away with ?? And if yes, which section of the ITA ? Thank you.
Hello Nicholas, the GHS 50 was provided for in the repealed Internal Revenue Act, 2000 (Act 592). The Income Tax Act, 2015 (Act 896) does not have this GHS 50 threshold at all. So effectively, since 1 January 2016, no GHS 50 threshold has existed in our tax laws. We hope this clarifies.
@@TaxLawGH yea sure. Thank you
How do we treat shares received as gift?
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