How to calculate the 3% VAT Flat rate

There are two types of VAT systems in Ghana: the Standard scheme and the Flat rate. While the former comes with a composite percentage of 17.5%, the latter is 3%. The objective of this short article is to equip readers with knowledge on how to compute the 3% Flat rate VAT. Before we start to …

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Ghana Tax Calculator App

As business owners and accounting professionals we work with taxes on a daily basis. Finding a way to simplify how you calculate taxes is one of the holy grail of the accounting profession. For business owners, it is a way of taking away the complexities that certain taxes come with. Thus, it came as no …

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How Does Withholding Tax Computations Work And Why Is It Relevant?

Compliance with withholding taxes like any other tax obligations is very crucial for any business. In doing so, you save yourself from the closure of operations, fines and penalties, imprisonment, tarnishing of your reputation, interference in business operations, among others. In this article, we provide a highlight of what withholding taxes are, how to compute …

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Retirement contribution : A smart way to cut taxes.

As a small business entrepreneur, you are encouraged to sign on to the compulsory Social Security contribution of 5.5% of employees’ salary and 13% of business income. Although it is a retirement plan, it is also a smart way to reduce taxes for both your workers and your business while motivating your workers too. Retirement …

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What to know about VAT registration

  Many have heard about the Valued Added Tax (VAT) system in Ghana. While some have an appreciable knowledge of what it is, others have little or no knowledge about it. Registration for VAT and other related matters are very crucial when it comes to VAT and therefore the need for businesses and individuals alike …

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Gaining more insight into VAT: Which activities attract VAT?

It has been said that “ignorance of the law is no excuse”. Many people have fallen victims of various laws and suffered numerous repercussions. Often upon investigation, it is realized that such people could have easily prevented those unpleasant moments by equipping themselves with knowledge of laws. In Ghana, the Ghana Revenue Authority has had …

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