Introduction The Growth and Sustainability Levy Act 2023 (Act 1095) has been introduced in Ghana to foster economic growth and fiscal sustainability by raising revenue from specified companies and institutions. The levy is on profits before tax or production for the assessment years 2023, 2024, and 2025. Understanding and managing this levy is critical as a business owner to ensure…
Introduction As a Ghanaian SME owner, managing your company’s payroll can be difficult, especially given the complexities of regulations and tax laws. However, keeping employees happy while remaining legally compliant requires accurate and timely payroll processing. This guide will walk you through the fundamentals of payroll services, providing valuable insights to help you streamline your payroll processes and keep your…
The headline on the 21st of July created a buzz on social media platforms. SMEs received emails from global ad platforms like META on the introduction of Value Added Tax (VAT, an additional cost/tax on goods and services that is paid or borne by the end consumer) on the sale of ads to advertisers. This change affects everyone, from…
On the last day of March, the Registrar General’s Department (RGD) and the Ghana Revenue Authority both announced that effective April 1, 2021, the Ghana card Personal Identification Number (Ghana Card PIN) will replace the Taxpayer Identification Number (TIN) of individuals for tax identification purposes. What this means is that, all transactions that require individual TIN will now be carried…
General perception Most small business owners do not see the importance of paying themselves at the end of the month because they have the perception that they own the monies in the business and also, they can pay themselves at any time. Yes, you can pay yourself at any time because you do not report to shareholders or stockholders. You…
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…
While some businesses have attempted and found it difficult to make statutory payments, others do not have any idea on how to go about making their statutory payments in this period of COVID-19. This article seeks to give relief from such distressing situations. Statutory payments: what they are and when to pay them These are payments that, per the provisions…
The priorities for a business for any new calendar year may differ from another. However, it is noteworthy some activities should be a priority for every business for any new year, irrespective of the size or nature of business. In each new calendar year, there are 7 things every business should prioritize. These form the basis for this article. Find…
The Ghana Revenue Authority (GRA) has extended the deadlines for the filing and payment of annual taxes. This is part of measures presented by the Minister of Finance in a statement to parliament on the Economic Impact of the COVID-19 pandemic on Ghana’s economy on 30th March, 2020. These fiscal measures are to prevent the spread of the virus as…