QUESTIONS a) Explain how tax payable is determined under the Value Added Tax Act, 2013, Act 870. (2 marks) b) The information below relate to the records of Platinum Grade Limited, a VAT registered trader in general goods, for the month of January 2020. Items purchased Value (GHS) Leather imported) 290,000 Paper 115,000 Adhesive 31,500 Furniture 370,000 Fabric 185,000 Wood polish 14,000 Foam 93,500 Laboratory equipment (imported) 223,000 Items sold Furniture in Ghana) 230,000 Furniture (export) 280,000 Diaries 140,000 Laboratory equipment 224,000 Note: The furniture sold in Ghana include supplies worth GHS 85,000 to some foreign embassies in Ghana Purchases include GHS 6,400.00 adhesive and GHS 39,000.00 paper purchased from petty traders not registered for VAT with GRA Sale of laboratory equipment include supplies worth GHS 66,000 made to some senior high schools and universities in Ghana, You are required to calculate the amount of VAT, NHIL and GETFUND levy due to the GRA or due to be refunded to the trader (10 marks) Total 12 Marks