Taxation for small and medium-sized enterprises (SMEs) has to be managed carefully as the business grows in order to remain compliant with local tax regulations and laws.
Businesses must pay taxes on the income generated, as well as any assets that are owned or disposed of, among other things.
Common types of taxes applicable to SMEs include corporate income tax, sales tax, property tax, excise tax, and payroll taxes. To ensure compliance, SMEs should have a thorough understanding of their local tax laws, including how to properly file returns, what records to keep, and how to properly calculate taxes owed.
Additionally, businesses should consider applying for tax deductions or credits that may be available to them. Understanding these tax laws, deductions, and credits can help SMEs reduce their tax liabilities and maximize their potential savings.
These were some points gathered from the Business Breakfast organized by Firstcode Management Services On Evolving Tax Landscape In Ghana, on the 28th of March at the company’s premises. The 3-hour presentation and discussions were facilitated by Dr. Martin Yamborigya of the Large Taxpayers Office, GRA, and Mr. Alhassan Baba Iddrisu of the Tax Audit and Quality Assurance, GRA. The Forum was moderated by Mr. Richard Amo-Hene, Tax Expert and Director of WTS Nobisfields.
The Forum saw a good participation of Business Owners and Executives as well as Individuals from the compliance units of their various companies. It is envisaged that the discussions would go a long way to boost SMEs with Strategic Tax Solutions.
About Firstcode Management Services
Firstcode Management Services (“Firstcode”) is a leading provider of corporate support services in Ghana. We provide regulatory compliance and management support services and we bring to clients our in-depth understanding of the Ghanaian business environment as well as our support expertise required by companies to enable them to focus on their core business.
We offer business planning and support services to foreign and indigenous investors seeking to do business in Ghana or expand their markets. We assist investors to set up their businesses, scale up operations and meet regulatory requirements.
Firstcode is a wholly-owned Ghanaian company registered with regulatory and industry bodies such as the Data Protection Commission, Ghana Association of Restructuring and Insolvency Advisors (GARIA), INSOL International, Ghana South Africa Business Chamber, and Canada Ghana Chamber of Commerce.