While it is common knowledge that doing business involves tax payments, it is vital to reiterate this. In Ghana, some taxes apply to only small businesses though the industry and location in which a small business operate may give rise to other tax obligations or tax exemptions. In this article, I share with you four (4) taxes that generally apply…
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 look at how it is…
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 surprise for us to see…
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 them and when and how…
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 into (National Health Insurance Levy)…
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 to have good knowledge about…
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 to sanction some businesses and…
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 and services. There are a…