Tax Compliance

1. Registration with the Ghana Revenue Authority (GRA):

- Every business is required to register for a Taxpayer Identification Number (TIN) and obtain a Value Added Tax (VAT) certificate if applicable.

2. Filing Tax Returns:

- Corporate Income Tax: Returns must be filed annually, within four months after the end of the financial year.

- Personal Income Tax (for Employers): PAYE deductions must be submitted monthly by the 15th of the following month.

- VAT Returns: VAT-registered businesses must file monthly VAT returns by the 15th of the following month.

3. Withholding Tax Payments:

- Withholding tax on payments for services, rent, and other specified transactions must be remitted to the GRA within 15 days of the month following the transaction.

4. Transfer Pricing Documentation:

- Multinational companies must submit annual transfer pricing reports detailing intra-group transactions to ensure compliance with arm’s length principles.

Social Security Contributions

1. Registration with SSNIT:

- Employers must register with the Social Security and National Insurance Trust (SSNIT) and contribute 13.5% of employees’ gross salaries (5.5% from employees and 8% from employers).

2. Monthly Submission of Contributions:

- Contributions must be paid to SSNIT by the 14th of the following month.

Corporate Governance and Reporting

1. Registrar General’s Department (RGD) Compliance:

- Businesses must file annual returns and renew their business registration certificates. Failure to comply may result in penalties or deregistration.

2. Audited Financial Statements:

- Companies must prepare audited financial statements and submit them annually to the GRA and RGD.

3. Board Meetings and Minutes:

- Registered companies are required to hold regular board meetings and keep accurate records of minutes.

Other Mandatory Compliance Obligations

1. Data Protection Registration:

- Businesses handling personal data must register with Ghana’s Data Protection Commission and comply with data protection regulations.

2. Sector-Specific Licensing:

- Businesses in regulated industries (e.g., banking, insurance, and mining) must obtain and renew relevant licences from regulatory authorities.

3. Environmental Permits:

- Companies in industries impacting the environment must secure permits from the Environmental Protection Agency (EPA).

Key Takeaways for Businesses

1. Timely Filing and Payment: Adhering to deadlines for tax, SSNIT, and corporate filings avoids penalties and interest charges.

2. Proper Record-Keeping: Accurate records ensure smooth audits and facilitate compliance with reporting requirements.

3. Engage Professionals: Consulting tax experts, auditors, and legal advisers can help businesses navigate complex compliance requirements.