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….
Will your loan benefit attract a tax? Beware, the rules have changed!
It’s common for employers in Ghana to give loans to their employees at rates far lower than those of the banks and financial institutions. Prior to 1st January 2016, the benefits inherent in such loan benefits were not taxed. This situation changed with the passage…
Surviving A Ghana Revenue Authority (GRA) Tax Audit
Every so often, the Ghana Revenue Authority (GRA) may conduct an audit of a taxpayer. And the typical reaction when a taxpayer gets a notice of an audit is anxiety, and sometimes fear. That is perfectly understandable. However, the best way to combat this is…
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