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…
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://www.scg.com.gh/2019/04/08/value-added-tax-basics/ VAT on entertainment is an exception to the rule above – you cannot…
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…
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…
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…
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