A Chief Revenue Officer at the Ghana Revenue Authority (GRA), Victor Yao Akogo, is urging businesses that have suffered losses through fire or other unforeseen incidents to report the damage to the Authority, saying the value of destroyed or lost goods can be treated as an allowable tax deduction after verification.

Speaking on Joy FM's Super Morning Show, Victor Yao says businesses that incur losses due to fire outbreaks or similar disasters are entitled to claim those losses as allowable deductions under Ghana's tax laws.

He explained that affected businesses must first notify the GRA to enable officials to verify the losses before the deductions can be granted.

"The cost they incurred in acquiring their goods is an expense, and that expense ought to be deducted against the income they earn.

We are saying that expense is an allowable deduction, so they should notify the GRA for us to investigate, confirm it and grant it as an allowable deduction," he said.

According to Mr Akogo, the deductions cover the cost of goods that have been destroyed or lost, helping businesses reduce their taxable income and retain more resources to support business continuity.

He advised businesses seeking to benefit from the relief to ensure they are registered with the GRA.

He said sole proprietors can register using their Ghana Card, while companies are required to obtain a Tax Identification Number (TIN), which is issued by the Ghana Revenue Authority.

"The Tax Identification Number is mandatory because it is what you use for all tax transactions, including filing returns and paying taxes," he stated.

Mr Akogo encouraged individuals and businesses that are yet to obtain a TIN to apply through the GRA's online platform before completing their registration.

He also reminded taxpayers that filing tax returns remains a legal obligation, regardless of whether they made a profit during the reporting period.

He noted that businesses that did not earn any income are still required to submit a NIL return to the Authority.

"If you don't earn income, you have to make a declaration and file a NIL return. Let us know that you are not liable to any tax. Don't keep us in the dark," he said.

Mr Akogo further reminded corporate entities that June 30 is the deadline for filing monthly Value Added Tax (VAT) returns and accounting for VAT collected on behalf of the government.

He warned that taxpayers who fail to file their returns by the due date risk a penalty of GH¢500, in addition to GH¢10 for every day the default continues.

According to him, all tax returns are now filed electronically through the GRA's Taxpayer Portal, making it easier for individuals and businesses to meet their tax obligations.