In Ghana, businesses may be subject to various types of income tax. Here’s a brief overview of these taxes. Personal Income Tax (PIT) Personal income tax is imposed on income earned by individuals, including salaries, wages, bonuses, and any other compensation for work performed. In Ghana, you must pay income tax if you are an employee, sole proprietor, or a…
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…
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…