CCIFG holds meeting on tax systems

The Chamber of Commerce and Industry France Ghana (CCIFG) has organised a Business Breakfast on the Tax System in Ghana in Accra with focus on a review of the Ghanaian Tax System.

Over 60 professionals from corporate Ghana who attended the event were taken through a presentation which touched upon the changes that have taken place in the Ghanaian tax environment since March 2017.

The breakfast meeting was the second event organised by CCIFG with PwC this year to help its members and non-members become abreast of the changes in Ghana’s tax system.

PwC Ghana specialises in the provision of tax advisory and compliance services to clients in various industries including the financial services, consumer and industrial products, energy and mining, and telecommunications industries.

The session was led by Abeku Gyan-Quansah, an Associate Director at PricewaterhouseCoopers (Ghana) Limited (“PwC”) who updated attendees about Ghana’s tax system and gave an indication of PwC’s expectations for the 2018 National Budget with regards to tax.

He recapped some of the changes implemented by the government in 2017 including, the income tax exemption for gains on realisation of securities listed on the Ghana Stock Exchange, introduction of a three per cent VAT Flat rate scheme for the distributive sector and the abolishment of various taxes and duties including import levies and duties on spare parts.

Mr Gyan reviewed the impact of the three per cent VAT flat rate scheme and concluded that complexities of the system were highly dependent on if the taxpayer was an exclusive flat rate operator or not.

He said the issues surrounding the scheme should be addressed as soon as possible in order to avert increase in tax disputes as a result of ambiguities in the law.

He urged participants to critically review their tax affairs and document their position so the available document would be ready for audit by the tax authorities if requested.

By Times Reporter

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