LAW PILL SERIES

FILING OF TAX RETURNS

As the year is ending, Taxpayers will be required to file their annual Tax returns with the Ghana Revenue Authority. Under current Tax laws, a person required to file Tax returns must file the Tax returns for an accounting year by April 30th of the following year. For instance, the Tax returns for the accounting year 2022 (January to December 2022) will be due on or before 30th April 2023.

The Tax return must be completed and signed by the person required by law to file a Tax return. If the person required to file the Tax return is an entity, then the Tax return must be signed by a duly authorized person of the entity. ?The person who signs the Tax return must declare that the Tax return and the information contained in this return are complete and accurate.

Although the law stipulates when a Tax return must be filed, the Commissioner General may by notice require a person to file a Tax return out of turn. Which may happen when the person becomes bankrupt, or an entity is wound-up or goes into liquidation. The Commissioner General may also ask a person to file a Tax return out of turn when the Commissioner General believes that there are reasonable grounds that the person is about to leave Ghana indefinitely, is about to cease business activities in Ghana, or has committed a Tax offense or the person has failed to maintain adequate documentation on their transactions as required by law.

When the Commissioner General requires an early filing of a Tax return, he must state so in writing and serve the notice on the person so affected specifying:

1. The period, part of a period or other events to be covered by the Tax return.

2. The date by which the return is required to be filed with the Ghana Revenue Authority.

IN CONCLUSION

Please note that your Tax return is an important document that describes your business transactions and outlines your Tax liability to the state.

An important Component of your Tax Return is your Audited Financial Statement. You must endeavor to seek professional support in putting together your Tax Return. Untruths and inaccuracies may have severe consequences for your business and Tax liabilities if you are audited by the Ghana Revenue Authorities.