How is Bonus Treated on the Payroll?
“How is tax on bonuses computed?” is a frequently asked question. This article discusses how we treat bonus taxes in a payroll computation. What is a Bonus? Bonus is an incentive pay given on top of the employee’s usual compensation (basic salary). Types of Bonus…
When Can You Claim Mortgage Interest Benefit?
Under the Income Tax Act of 2015, an individual who has a mortgage can deduct interest paid during the year in calculating his taxes. When do you get the mortgage interest benefit? Do you get the benefit at the time you file your annual tax…
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…
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…
Tax Implications of Changing Your Accounting Year
A company’s accounting year is the period for which it prepares its annual financial statements. It must consistently prepare its financial statements to that date. This enables users of financial statements to compare performance between years. Changing your accounting year has tax implications. It poses…
TIER 3 PENSION SCHEME TAX BENEFITS
Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. What is Tier 3 Scheme? It is a voluntary pensions scheme managed by private sector trustees licensed by…
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…
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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