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…
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%…
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