Taxation Breakfast Meeting

The Spain Ghana Chamber of Commerce in Partnership with Massaada Consultants hosted a taxation Business Breakfast held at the GIT Simb Ghana conference room at East Legon on Wednesday the 22nd of February 2023

The breakfast meeting focussed on tax amendments and their implications on businesses.

The Ghana Revenue Authority has in addition to the imposition of new taxes intensified its tax collection and enforcement mechanisms to rake in more revenue for the Government. The actions of the Authority in the midst of the current economic downturn have implications for the cost of operations and cash flows of many businesses operating in the country. Often, the following questions have been asked:

i. What is your level of appreciation of the current tax regime
ii. What are the implications for your business?
iii. How do you organize your business to be tax compliant
iii. What do you do if you think the tax assessment on your business is wrong

The speakers at the event were Masaada Consultants, a firm of Chartered, Tax, and Business consultants and a cherished member of the chamber. The main speaker Mr. Dawda Mohammed Hafisdeen is a partner at Masaada.
Touching on the theme, Mr. Hafisdeen gave a general overview of the tax regime in Ghana and went further to outline the amendments and their effects on business. Increased cost of Operations, Increased Compliance Cost, Pricing out a segment of the market, loss of business, and Loss of Competitive edge were some of the effects he touched on.

Mr. Hafissdeen outlined some of the strategies to minimize tax burden as Reviewing business value chain, Tax Planning, Check Financing Methods, Structuring Transactions, Using the planning variables of Time, Location, Entity, and Activity

A section of stakeholders raised concerns that the introduction of new taxes in the country is going to have an effect on their business taking into consideration the already existing business climate.

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The Spanish Chamber of Commerce in Ghana is a non-profit private entity whose main objective is the promotion of the commercial, economic, and industrial relations between Spain and Ghana.




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