Tax compliance presents one of the biggest headaches for SMEs in emerging economies. SMEs usually do not have (or cannot afford) qualified accountants to provide them with the needed guidance on taxes. This lack of adequate support typically leads to non-compliance resulting in heavy penalties and unnecessary loss of income because the SMEs are unable to take advantage of the benefits provided by the tax laws.
The knowledge gap for the average SME owners and management teams in Ghana is huge. As part of its monthly free seminars, ServLed teamed with Omni Bank and the Ghana Revenue Authority to educate SMEs on the changes in the tax laws and how they are affected. The session was over subscribed with over 70 participants.
Next month’s session will guide SMEs through preparing to complete their annual financial accounts and filing their annual returns.