Withholding Tax Challenges: What You Can Do To Mitigate?
If you have ever dealt with Ghana’s withholding tax system, you know it a costly and hassle filled experience! If you do not know what withholding tax is, and what to expect after they withhold taxes, you are in for a painful experience. In this…
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…
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…
Navigating Withholding Tax Audits
SCG Chartered Accountants recently held a webinar titled “Navigating Withholding Tax Audits”. The presenters discussed: Common issues that arise from Withholding Tax Audits. Challenges faced by taxpayers Ways to stay compliant. Below is a summary of the discussion. Common Issues Failure to withhold from payments…
The VAT Flat Rate Scheme (VFRS)
The VAT Flat Rate Scheme (VFRS) What is the VAT Flat Rate Scheme (VFRS)[1], who qualifies for it, and how does it affect your business? In this article we consider these questions. What is the VAT Flat Rate Scheme? The VAT Flat Rate Scheme (VFRS)…
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…
What is Thin Capitalization?
How owners finance a company has tax implications. Interest on loans is deductible for tax purposes, but dividends are not deductible. Loans are also easier to raise than equity. So, business owners often finance their businesses with a mix of equity and debt. Thin capitalization…
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…
2019 has ended! 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 address as 2019 ends. So, what must you consider? Here’s a snapshot of the issues to ponder: Obtain Taxpayer Identification Number (TIN) for all…
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…
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