Programa de adquisición de datos en tiempo real (HorizonADV)

58. (1) A company is liable to tax separately from its shareholders.

(2) Amounts derived and expenditure incurred jointly or in common by the managers or shareholders for the purposes of a company that lacks legal capacity are treated as derived or incurred by the company and not any other person.

(3) Assets owned and liabilities owed jointly or in common by the managers or shareholders for the purposes of a company that lacks

legal capacity are treated as owned or owed by the company and not any other person.

(4) Subject to this Act, all activities of a company are treated as conducted in the course of a single company business.

(5) Subject to this Act, arrangements between a company and its managers or shareholders are recognised.

Taxation of Shareholders

59. (1) Subject to subsection (3),

dividends-(a) distributed by a resident company are taxed to the company’s shareholders in the form of a final withholding tax; and

(b) distributed by a non-resident company are included in calculating the income of the shareholders.

(2) Subject to subsection (3), gains on disposal of shares in a company are included in calculating the income of the shareholder.

(3) Subject to subsection (4), a dividend paid to a resident company by another resident company is exempt from tax where the company receiving the dividend controls, indirectly or directly 25% or more of the voting power in the company paying the dividend.

(4) Subsection (3) does not apply to

(a) a dividend paid to a company by virtue of its ownership of redeemable shares in the company paying the dividend;or (b) a dividend of a type referred to in section 33(3).

(5) A dividend consisting of capitalisation of profits or treated as distributed under subsection (8) is treated as paid to each of the company’s shareholders in proportion to their respective interest in the company

(6) The Commissioner-General shall in the case of capitalisation of profits, direct that appropriate tax be paid in accordance with this Act,

(7) The Commissioner –General shall in issuing any directives under subsection (6), consider the matters contained in sub-section(8)(b) with the necessary modifications to make that subsection applicable to subsec-tion (6),

(8) (a) Where the Commissioner-General is satisfied that a company controlled by not more than five persons and their associates does not distribute to its shareholders as

dividends a reasonable part of its income from all sources for a basis period within a reasonable time after the end of the basis period, the Commissioner-General may, by notice in writing treat that part of the company’s income which the Commissioner-General determines as dividend paid to its shareholders during that period or any other period.

(b) In determining whether a company has distributed a reasonable part of its income from all sources for a basis period, the Commissioner General shall consider

(i) the current requirement of the company’s business after accounting for any adjustment which the Commissioner-General may make under section (31) and paragraph 53 of the seventh schedule of this Act, and

(ii) any other requirement necessary or advisable for the maintenance and development of the business.

Branch Profits Tax

60. (1) (a) A tax is hereby imposed, for each year of assessment, on a non-resident person carrying on business in Ghana through a permanent establishment which has earned repatriated profits for a basis period end-ing within the year.

(b) A person who has earned repatriated profits under para-graph (a) of this subsection shall pay a final tax on the gross amount of the earned repatriated profits to the Commis-sioner-General in accordance with the prescribed rate within thirty days after the end of the basis period of the person.

(2) For the purposes of subsection (9), the portion of the net profit of the resident person which corresponds to the interest of the non-resi-dent shareholders shall be treated as repatriated profits and as dividends distributed in accordance with their respective shares in the company.

Division V: General Provisions Applicable to Entities Asset Dealings between Entities and Members

61. Subject to section 42(2), where an asset is realised by way of transfer of ownership of the asset by an entity to one of its members or vice

versa-(a) the transferor is treated as deriving an amount in respect of the realisation equal to the market value of the asset imme-diately before the realisation; and

(b) the transferee is treated as incurring expenditure of the amount referred to in paragraph (a) in the acquisition.

Change in Control

62. (1) Subsection (2) applies when the underlying ownership of an entity changes by more than 50 percent as compared with that ownership at any time during the previous three yearsthe entity is treated as realising all its assets and liabilities immediately before the change

(2) After the change the entity is not permitted

to-(a) deduct financial costs carried forward under section 16(3) that were incurred by the entity prior to the change;

(b) deduct a loss under section 17(1) that was incurred by the entity prior to the change;

(c) claim a deduction under section 23(2) or (4) after the change in a case where the entity has, prior to the change, included an amount in calculating income under those provisions (d) carry back a loss under section 24(5) that was incurred after

the change to a year of assessment before the change.

(3) Where a change in ownership of the type referred to in subsection (1) occurs during a year of assessment of an entity, the parts of the year of assessment before and after the change are treated as separate years of assessment.

(4) This section does not apply to a partnership or company that conducts its business after a change of the type mentioned in subsection (1) in the same manner as during the 12-month period before the change.

It must continue to do so for a period of two years after the change.

PART VI