Author Archives: Marian Botchway

When Can You Claim Mortgage Interest Benefit?

Under the Income Tax Act of 2015, an individual who has a mortgage can deduct interest paid during the year in calculating his taxes. When do you get the mortgage interest benefit? Do you get the benefit at the time you file your annual tax returns, or do you get it as you pay income […]

How Is Your Income Tax Computed?

Ask a layman, “how is your income tax computed?” You may get a blank stare! Accounting and tax laws determine what goes into calculating your taxes. This makes it hard to comprehend for many people. Yet at a high level, the process of computing income tax is straightforward, and it involves five steps: Determine assessable […]

Can You Deduct VAT on Entertainment Expenses?

No, you can’t deduct VAT on entertainment expenses. The general rule is, VAT registered businesses can offset the input tax on taxable supplies they buy. For types of VAT Supplies see https://georgekatakdev.wpengine.com/2019/04/08/value-added-tax-basics/ VAT on entertainment is an exception to the rule above – you cannot offset it against output taxes to work out the net […]

Who Will Tax Your Income?

Are you a foreign national working in a country other than your home country? Or, you are a Ghanaian national, but you earn income outside Ghana. Who will tax your income? It depends on your tax residence. Your tax residence settles which countries can tax you. BASIS OF TAXATION If you are resident in Ghana […]

Value Added Tax – The basics

In this post, we’re going to discuss the basics of Value Added Tax (VAT). By the end, you should understand the different types of supply, and how that affects the tax charged. What is VAT? VAT is a tax applied on the value added to goods and services at each stage in the production and […]

The year is ending! Are you prepared for taxes?

Early preparation is the best way to avoid tax trouble and reduce your taxes. This blog discusses the issues you must consider and address as 2018 ends. So, what must you consider? Please read on to find out.  1. Filing of Returns Have you filed the following tax returns? Monthly withholding tax returns. Monthly VAT returns. […]