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…
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…
GRA Is Digitizing Tax Services; Will It Make Life Easier?
Doing business with GRA is a pain! Remember your frustrations with GRA? What about documents that get lost over and over? Or tax files that are incomplete or lost! How about enquiries that nobody at GRA bothers to respond to? GRA just made a big…
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…
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