Category Archives: General

GHANA REVENUE AUTHORITY(GRA) EXTENDS FILING DATE & WAIVE PENALTIES

GRA has responded to the disruptions to business by the Coronavirus and introduced measure to ease tax compliance. The highlights of the measures are: Taxpayers who redeem all their outstanding debts due GRA by June 30, 2020, will be granted a remission of penalties on their principal debts. Donations and contributions toward fighting COVID-19 pandemic […]

Cyber Security Tips for Your Small Business

As a small business owner, you might think your business is not a target for a cyber-attack. Your business is as much a target as the big businesses. The criminals know that small businesses have weaker defenses, so you are in their sight.  What is at risk for your business? Sensitive data such as strategy, […]

Inventory Controls to Prevent Waste and Theft

Retailers, wholesalers, and manufacturers are typical businesses that hold inventory (stock). Inventory comes with risks such as damages, theft and obsolescence. It also ties up capital and has related administrative costs. You can lose money on inventory. But you don’t want to lose money so you must put in controls over inventory. The types of […]

IFRS 15 – Revenue from Contracts with Customers: What is A Contract?

International Financial Reporting Standard (IFRS) 15 – Revenue from contracts with customers came into effect on 1 January 2018. It defines revenue and sets the rules for recognizing, measuring and disclosing revenue from contracts with a customer. Having a contract with a customer is a precondition for applying IFRS 15. So, what is a contract? […]

Internal Control: The Means to Getting Hold of Your Business

There are forces at work to stop a business from achieving its objectives. To make sure it achieves its objectives, the business takes measures to stop those forces from negatively impacting the business. We call the forces that threaten the business, risk. The counter measures to stop these forces are controls. Effective internal control affects the […]

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 must file such returns. In this article we show who […]

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 the National Pensions Regulatory Authority (NPRA). Who can contribute to […]

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, and it estimates total global fraud loss of about USD […]

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 to help the GRA to assess your tax. Examples of […]

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 capture data for analysis to better run the business. Nowadays, […]