Withholding Tax Mechanisms
1️⃣ Final Withholding Tax: Final withholding tax is a tax deducted at source that represents the taxpayer's full and final tax liability on the income. When this tax is withheld, the taxpayer has no further obligation to pay additional taxes on that income, and the taxpayer is typically not required to file a return related to that income. The amount withheld is the exact amount due, and the taxpayer is not entitled to any further deductions or credits against this income.
2️⃣ Withholding on Account: Withholding on account is a tax deducted at source that acts as an advance payment of the taxpayer's overall tax liability. This amount is credited against the taxpayer’s final tax liability for the year. The taxpayer must still file a tax return, and the total tax due will be calculated.
Saturday, 28/09/2024, was World Rabies Day. As part of our dedication to the fight against Rabies, today we are embarking on a campaign and mass vaccination against this deadly disease .
If you’re wondering why taxes, duties and levies at the port in Ghana are so high, we just took a real Customs Import Declaration Form for an imported 2023 Toyota Land Cruiser and did the computation by hand.
See our computation (by hand) on the left and compare with the actuals on the right (to see how the taxes are computed at the port)
In summary, we’re paying tax on tax (several times).
For example, Import VAT = 15% x (A+B+C+D+E)
Dear Government, humble appeal. Let’s simplify the computation of taxes, duties and levies at the port. The cascading effect of import taxes is killing the ordinary Ghanaian.
Reminder;
🌿 Soursop plant is stronger at killing cancer than Chemotherapy.
🌿 Chemotherapy destroys immune function and causes permanent damage to the heart, brain and liver.
🌿 Chemotherapy kills cancer patients faster than no treatment at all.