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 National Pensions Regulatory Authority (NPRA). Who can contribute to […]
Tag Archives: tax
20
Dec
Dec
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 following tax returns? Monthly withholding tax returns. Monthly VAT returns. […]
12
Mar
Mar
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. What is VAT? VAT/NHIL (National Health Insurance Levy) is a […]
11
Jan
Jan
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 of the Income Tax Act, 2015 (Act 896). Under the […]
10
Nov
Nov
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 preparation. Start by arranging your affairs on an ongoing basis, […]
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