WHO MUST FILE A TRANSFER PRICING RETURN IN GHANA?
The Ghana Revenue Authority (GRA) finds that many companies do not file transfer pricing return. If you do not file transfer pricing returns you will pay a penalty. Yet, many people are unaware of the Transfer Pricing Regulation. Others are aware but unsure whether they…
TIER 3 PENSION SCHEME TAX BENEFITS
Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. What is Tier 3 Scheme? It is a voluntary pensions scheme managed by private sector trustees licensed by…
Fraud Deterrence for Small and Medium Enterprises (SMEs)
Employees and their accomplices committed 90% of bank frauds in 2017. Fraud or attempted fraud amounted to GHC 190.38M and actual losses through fraud was GHC30.8 in 2017[i]. Global occupational fraud cost organizations more that USD 7 billion in 2018 in cases reported to ACFE,…
Tax Documents: How Long Must You Keep Them?
Discard tax documents before the retention period ends and you could be in trouble with the GRA. But you must confront your paper mountain that is taking up much-needed space. Before you do that, read on. What are tax documents? A tax document provides information…
Buying Computers and Software? To Avoid a Lemon, Consider These Factors
Buying computers and software for small businesses that work is a nightmare for Ghanaian Businesses. Yet, if they want to be efficient and competitive, they can’t avoid computerizing. We know businesses that use Information Technology (IT) are more efficient, use fewer people, save money and…
Personal Income Tax Returns: Know The Basics
Under Ghana tax laws, you must file a personal income tax return for each year of assessment. A year of assessment is the tax year in which you make the income. Read on to understand what a personal income tax return is, and what goes…
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…
I MADE A PROFIT BUT WHERE DID THE CASH GO?
I made a profit but where did the cash go? This is the surprised reaction when you make a profit but have no cash to show for it. You pay bills with cash and not profit. So, whilst you’ve made a profit, you may not…
What I learned from 10 years of building SCG Chartered Accountants – Part Two
This is part two of an article about what I have learned from 10 years of building SCG Chartered Accountants in Ghana. Read part one here. In this article, I discuss a few more lessons I’ve learned over the years. 1. Learn to say ‘no’…
What I learned from 10 years of building SCG Chartered Accountants – Part One
SCG Chartered Accountants (SCG) is not my first venture into self-employment. That was SCG Consulting, which focused on implementing and supporting Pastel accounting and payroll as its primary business. We made a bet back then that technology was the future! We were accountants, and setting…
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