Dreading your annual audit? Don’t!
There’s no denying, an audit can be a hassle. But it doesn’t have to be. And yes, it can throw up the odd unpleasant surprise – but in reality, it shouldn’t. So, how can you take the surprises and the hassle out of your annual…
How to choose an accounting year for your business
Businesses must prepare business accounts for different reasons. These might include: To find out how the business has performed; To allow it to file for taxes. And to enable them to do that effectively, business owners must choose an accounting year for their business. What…
How to get a SSNIT Clearance certificate
What is a SSNIT Clearance Certificate? A SSNIT Clearance Certificate (SCC) confirms you met your all SSNIT obligations on THE date of issue. The Social Security and National Insurance Trust (SSNIT) issues these certificates. When do you need a SSNIT Clearance Certificate? ● To bid…
The Expatriate And Ghana Pension Law – Frequently Asked Questions
Q1. What is the national pension scheme in Ghana? A: The National Pension Scheme is a 3-tier scheme created under the National Pensions Act 2008, Act 766. The tiers are: ● Tier 1 – the first tier is the Basic National Social Security Scheme for…
How to protect yourself against computer viruses
It has never been more important to guard your business against the threat of computer viruses. In fact, in 2017 alone, a new type of malware emerged every 4.2 SECONDS. What is a computer virus? In short, it’s a malicious software that can damage or…
How to register a company with SSNIT
The Social Security and National Insurance Trust (SSNIT) is a public trust. It manages Ghana’s Basic National Social Security Scheme. In this brief blog post, we explain which documents you need for registration, how to register, and what happens if you do not register. Is…
What is the main objective of a financial statement audit?
Did the auditors sleep on the job? Did they collude with the management? Can we even trust auditors? Ghanaians have been asking such questions ever since the Bank of Ghana withdrew the licenses of five banks. So, to better judge the work of an auditor,…
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%…
Online banking saves you money! Use it!
Are you worried about using online banking in your business? Not sure if it’s safe? Like you, we had concerns. We hesitated in using online banking tools, even though they’ve improved considerably over the years and are available across Ghana. Instead, we persisted with “traditional…
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