Taxation is a compulsory levy imposed on individuals or firms by an organ of government for public purposes. It is a means of mobilizing revenue from private sector to public sector (treasury) through compulsory monetary payments on taxable persons and transactions. In simple terms, taxation is the means of revenue mobilization to finance government expenditure. In Ghana, Ghana Revenue Authority (GRA) is the institution mandated to collect taxes on behalf of government.
The Government of Ghana use taxation as the primary aim of generating revenue for government activities hence taxation is taxation as an instrument to achieve economic development and growth. Effective tax mobilization by GRA helps the Ghanaian economy to grow. As citizens and businesses, paying our taxes provides the following benefits to the Ghanaian economy.
Benefits of Taxation
- Taxation creates employment opportunities for the citizens.
- Taxation alleviate poverty through creation of employment opportunities.
- Taxation ensures reallocation of resources.
- Taxation helps to control inflation.
- Through taxation infant industries are protected.
- Taxation can be used to protect the Balance of Payment position.
- Discourage the production and consumption of harmful good.
From the above benefits, it is obvious that taxation plays a key role towards the economic development and growth of the Ghanaian economy. All Ghanaians and businesses are encouraged to honour their tax obligations in order to ensure the smooth running of our country.
To learn more about taxes and financial management, join our upcoming two-day QuickBooks and Tax Training workshop on the 27th to 28th October, 2023 at Spintex (Whitehouse) Baatsona Republic Bank Building, Top Floor. This workshop has been specifically designed to equip individuals and organizations with the knowledge and skills needed to effectively manage their financial records and navigate the complexities of taxation. Whether you are a small business owner, a non-profit organization, or simply an individual looking to enhance your financial literacy, this training program will provide valuable insights and practical guidance.
We believe that your organization can benefit greatly from this training, as it will empower your members with valuable skills and knowledge that can enhance their financial management capabilities. Additionally, participation in this event can help strengthen the financial foundation of your organization. To confirm your participation or for any inquiries, please register at https://bricsafricaconsulting.com/tax-education-and-quickbooks-workshop-for-smes-msmes-and-ngos-in-ghana/ and call us on +233 54-292-6819 +233 24-763-2793. Seats are limited, so we encourage you to reserve your spot early.
We look forward to the opportunity to collaborate with your organization and help your members thrive in their financial endeavors. Should you have any specific requirements or questions, please do not hesitate to reach out to us.