Tax consultant, Ali Abdallah Nakyea has charged businesses in the country to constantly update themselves of the country’s tax laws.

This according to him is the only way through which they would be able to take full advantage of then numerous reliefs provided by the laws governing the payment of taxes in the country.

Some businesses including foreign ones have in recent past witness lock-downs and subsequent penalties imposed on them by the revenue collection agencies for non-compliance.

Speaking at an Indian Business Seminar organized by the Universal Merchant Bank – UMB Mr. Nakyea said critically examining the provisions of the country’s tax laws could help businesses escape avoidable taxes.

He said the idea of conquering the tax landscape in Ghana is to ensure that one understands the tax law to avoid falling foul of the law. 

"You can only conquer the tax law if you understand what is in it for you in terms of benefits, timelines, payment obligations and you would be able to keep your head above water," Mr Nakyea said.

He further advises if people businesses want to plan their tax, it means that they might have anticipated their tax obligation which they should be ready to meet. 

"If you buy assets to invest in your business, then you know that there are capital allowances you can claim and you should be able to calculate that otherwise failure to do that means if there is a tax audit it will be surcharged to you," he said.   

Tax expert charges businesses to keep up on tax laws

Chief Executive of UMB, John Awuah said the bank deems it a responsibility to help its customers comply with the country’s tax laws.

This according to him is critical if their businesses could be sustained. For this reason, the company regularly organizes such fora for businesses in the city.

Mr Awuah, said sometimes business flaunt the tax law without knowing, so they are happy to educate their clients.

"As a bank we are partners, and we must try to meet the needs of our clients in several ways. One of it is to teach them about emerging trends," he said.  

 

 

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