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…
The challenges of getting a Tax Clearance Certificate – My experience
You need a tax clearance certificate (TCC) for certain transactions. And sometimes, you need it in a hurry! We described some transactions you will need a tax clearance for, and the process for getting a tax clearance in our blog, “How to obtain a tax…
What are your employee tax obligations for the year just ended?
The year has ended, and another has just begun. Where does the time go? If you’ve not already made plans to ensure you’re compliant with your employee tax obligations, it’s not too late to start. To be compliant, here’s what you need to do: 1….
The year is ending! 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 consider and address as 2018 ends. So, what must you consider? Please read on to find out. 1. Filing of Returns Have you filed the…
Maintenance Expense Limits – Things Need to Change
How Ghana tax laws undermine capital creation and private sector growth: The case of maintenance expenses. On January 1st, 2016 Act 896 of the Income Tax Act 2015 came into effect, superseding Act 592 of the Internal Revenue Act 2000. Act 896 made significant changes…
Important Tax Law Changes
Tax Law Amendments, Applicable from 1st August 2018 Presenting to the Ghanaian Parliament, the Finance Minister put forward proposals for the review and introduction of the following taxes and levies: Income Tax rates for resident and non-resident individuals Value Added Tax Luxury Vehicle Levy Parliament…
The Effects of the Proposed Changes in VAT in Ghana
The Government of Ghana has, in its mid-year review of the budget, proposed changes to VAT. The changes will convert portions of the existing VAT into levies. The proposed changes are as follows: Pre-budget Budget proposal VAT 15% VAT 12.5% NHIL 2.5% GET Levy 2.5%…
How to Get a Tax Clearance Certificate (TCC) Without Any Hassle
Do you know that, at some point, you’ll need a tax clearance certificate to carry out certain transactions? Don’t leave it too late! To avoid the hassle of getting a Tax Clearance Certificate when you need it, prepare well ahead of time. So, what do…
Need To Open A Bank Account? Or Register A Car? You Need A Tax Identification Number!
From 1st April 2018, you can no longer open a bank account, register a vehicle or do business with the Ghana Government if you do not have a Tax Identification Number (TIN). A Tax Identification Number is required for carrying out business transactions, but this…
Records To Keep For Ghana Value Added Tax Purposes
It’s a saying often attributed to one of the Founding Fathers of the United States, Benjamin Franklin, that in this world nothing is certain, except death and taxes. And Value Added Tax (VAT) is a tax that can certainly impact both individuals and businesses alike….
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