CCIFG organised a Business Breakfast on the Ghanaian Tax System

In collaboration with PricewaterhouseCoopers (Ghana) Limited (PwC), the Chamber of Commerce and Industry France Ghana (CCIFG) organised a Business Breakfast on the Tax System in Ghana, on Thursday 26th October, 2017 at the African Regent Hotel.

The session led by Abeku Gyan-Quansah, an Associate Director at PwC gave over 60 attendees an update on Ghana’s tax system as well as an indication of PwC’s expectations for the 2018 National Budget with regards to tax.

During the session, Mr Gyan-Quansah recapped on some of the changes implemented by the new Government in 2017 including:

  • The income tax exemption for gains on realisation of securities listed on the Ghana Stock Exchange;
  • The introduction of a 3% VAT Flat rate scheme for the distributive sector; and
  • The Abolishment of various taxes and duties including import levies and duties on spare parts.

PwC also reviewed the impact of the 3% VAT flat rate scheme and concluded that complexities of the system are highly dependent on if the taxpayer is an exclusive flat rate operator or not. Mr Gyan-Quansah wished that the issues with the scheme is addressed as soon as possible in order to avert increase in tax disputes as a result of ambiguities in the law. During the session, Mr Gyan-Quansah recommended attendees to critically review their tax affairs and document their position so the available document will be ready for audit by the tax authorities (if requested).

Regarding the increase in capital requirement for Banks to GH¢400m, Mr Gyan-Quansah reminded businesses to take advantage of the expected two-year stamp duty announced in the 2017 budget. He advised that banks should not equate the stamp duty exemption to taxes on dividends which may arise unless exempted in law.

PwC stressed the importance for attendees to review their records to ensure that customs value of assets can be reconciled to values recognised in financial statements. They recommended that reconciliations should be prepared where differences exists.

PwC advised C-Suites to constantly perform tax health checks of their organisations to identify and mitigate any potential tax risks.

The Conference ended with networking opportunities and attendees sharing their thoughts on some of the key issues discussed.

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.

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