Tag Archives: Tax advice

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 tax is straightforward, and it involves five steps: Determine assessable […]

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 your employees Withhold the appropriate taxes from all payments made […]

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 to help the GRA to assess your tax. Examples of […]

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 has not been enforced in the past. The Ghana Revenue […]