In Ghana, income tax filing is a mandatory requirement for individuals and businesses to comply with the regulations set by the Ghana Revenue Authority (GRA). This comprehensive guide covers the essential details of income tax filing in Ghana. It also emphasizes the importance of compliance with tax laws and regulations. Income tax filing involves submitting an official document by the…
Ghana’s Parliament passed an amendment in December 2023, changing the Income Tax Act. They also added a minimum chargeable income, which might be tied to the rise in the National Daily Minimum Wage. These adjustments are likely to affect Ghana’s economy and workers significantly. After the amendment was passed in December 2023, the Ghana Revenue Authority (GRA) stated that the…
Understanding how payroll works is crucial for businesses in Ghana to ensure smooth operations, regulatory compliance, and employee satisfaction. In this guide, we’ll unravel the intricacies of payroll in Ghana, providing clarity on the processes, regulations, and best practices. 1. Employee Registration: The payroll process begins with the registration of employees. Employers collect necessary details such as tax identification numbers…
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…
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…
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