Category Archive For "Tax"
How to Invoice with the new VAT system in Ghana [template provided]
Well, the new Value Added Tax (VAT) was brought into force last year but we still receive invoices from vendors of clients who used the old VAT rate. The old VAT system is at a rate of 17.5% which is made up of 12.5% for VAT revenue for Ghana Revenue Authority (GRA), and 5% paid …
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 …
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 …
What you need to know about taxes in Ghana [Infographic]
Taxation remains one of the pain points of entrepreneurs, especially first time founders. This month, we partnered with the We partnered with Workshed Africa to create this infographic on taxes in Ghana. You can also find a PDF version here: Download
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 …
Understanding the subject of overtime payments and their tax implications
Overtime work may simply refer to the situation where an employee works over the normal number of hours to be worked as per the laws of Ghana and the regulations governing the firm he or she works for. For example, if an employee works for 9 hours when the normal hours fixed by the firm …
Fulfilling Tax Obligations: A Study of Value Added Tax (VAT) In Ghana
Tax refers to a levy placed on usually incomes earned or on goods and services as a way of raising revenue to primarily support developmental projects. Taxes are broadly in two forms: direct and indirect. While the former is levied on incomes of individuals and on earnings from property, the latter is charged on goods …
Boosting Your Business in 2019; New Tax Policy Reforms To Consider In Your Budget Preparation.
A new year is fast approaching, and every business owner is looking forward to a much more promising year ahead. There were peak seasons of great sales and months that didn’t look as good; direct or indirect costs were too much to control due to internal and external business pressures. Anyways, 2019 is coming with …
The New Excise Tax Stamp Policy — All you need to know
In Ghana, taxes are the main source of revenue to the government. This is generated directly from income from employment, business and investment and also indirectly, from goods and services purchased. Excise tax is a form of indirect tax imposed on particular goods such as alcoholic beverages, tobacco products, gasoline, and many others. Over the …