Running a business in Ghana means navigating a tax landscape that, while manageable, demands attention to detail and timely action. The Ghana Revenue Authority (GRA) enforces strict filing deadlines, and missing them can result in penalties that directly impact your cash flow.
Key Tax Obligations for SMEs
As a small or medium-sized business, your primary tax obligations typically include:
- Corporate Income Tax (CIT) ? 25% of taxable profit, filed annually
- Value Added Tax (VAT) ? 15% on taxable supplies, filed monthly or quarterly
- Withholding Tax (WHT) ? deducted at source on payments to suppliers
- Pay As You Earn (PAYE) ? monthly payroll tax remittance for employees
Common Mistakes That Lead to Penalties
The most frequent compliance failures we see among SME clients include late filing of returns, under-declaration of income, failure to register for VAT when crossing the threshold, and incorrect PAYE calculations. Each of these carries financial penalties and can trigger an audit.
How Cushay & Associates Can Help
Our tax advisory team manages all your GRA filings, ensures you never miss a deadline, and provides proactive tax planning to legally minimise your tax burden. Contact us for a free initial consultation.