The Tax Penalty and Interest Waiver Act 2021 (Act 1065)
On 31 March 2021, Parliament passed the Penalty and Interest Waiver Act 2021 (Act 1065) into law. Before this, the tax laws gave the Commissioner the power to waive or remit penalties. It was not clear if this provision covered interests on outstanding taxes as…
The COVID-19 Health Recovery Levy
On 31stMarch 2021, the president assented to the Covid-19 Health Recovery Levy Act, 2021 (Act 1068). This levy will become effective 1stMay 2021. The 2021 budget proposed a one percent (1%) Covid-19 Health Recovery Levy against the backdrop of spending emanating from the Covid-19 Pandemic….
How is Bonus Treated on the Payroll?
“How is tax on bonuses computed?” is a frequently asked question. This article discusses how we treat bonus taxes in a payroll computation. What is a Bonus? Bonus is an incentive pay given on top of the employee’s usual compensation (basic salary). Types of Bonus…
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