Tema branch of the Ghana National Chamber of Commerce and Industry (GNCCI), will on Thursday hold a breakfast meeting in partnership with Roblynx Accounting-Tax Advisory firm on the topic; ‘tax planning and compliance.
The meeting which would take place at Hotel Joecarl, in Tema, is to sensitize members and broaden their understanding of tax compliance and effective tax planning.
Tema Branch Manager of the GNCCI, Delali Boahini, told the B&FT in an interview on Wednesday that the meeting is to educate members to know how they can increase their tax payment for the growth of their business.
She indicated that members, who are mostly in the private sector are currently struggling with the issue of huge tax payments and penalties as a result of delays in making payment to the Ghana Revenue Authority (GRA), and there is nobody available to give any explanations to them.
This according to Mrs. Boahini is a worry to the GNCCI. “So we thought of organizing this in Tema for businesses to open up to let us know further the tax issues that they have so that we broaden their understanding on compliance.
“Generally most of them are not abreast with the tax laws, we would use this time to engage them and explain the tax laws and the compliance provisions to them,” she said.
Mrs. Boahini disclosed that one unique thing about the breakfast meeting is that “it is not going to be the talk, talk thing…but they have put in place measures to monitor the effectiveness of the skills they have acquired and their partners Roblynx Accounting-Tax Advisory will be following up with them and provide them with the necessary assistance as and when any arises.”
She is optimistic by the time participants walk out of the breakfast meeting they would be equipped with the necessary information so they can make informed decisions on the topic.
Director of Roblynx Accounting-Tax Advisory, Roland Elinam Horsoo, urged members of GNCCI in Tema to endeavor to participate in the breakfast meeting to increase their knowledge in that regard so that they can stay in business.
“Knowledge is power, it is better to be informed than to be kept in the dark. So come and be informed so that you can stay in business,” He revealed.
Mr. Horsoo indicated that tax planning and compliance is crucial to the development of every nation, adding: “As a business entity you must plan your activities. Tax laws are there, and what you can do is just to comply because these are laws made by the government to help in the development of the nation and businesses must contribute in that regard.
“Whichever provision in the tax laws, you must ensure that you obey and if you don’t obey, you must pay penalty and these are all cost to your business and have a negative effect on your working capital.”
Bernice Agyeman also a Director of Roblynx Accounting-Tax Advisory and a resource person for tomorrow’s breakfast meeting added that tax is one thing most organizations are scared of.
She noted that there are certain expenses that organizations incur which are tax-deductible, which are also deducted from their revenues to reduce their tax exposures, but most businesses are unaware.