Societe Generale Ghana has hosted a strategic breakfast session for Chief Financial Officers (CFOs), underlining the critical importance of tax compliance and planning in driving business profitability.
The forum, attended by senior finance executives across sectors, focused on practical insights for optimizing tax positions while navigating evolving regulatory requirements.
In his opening remarks, Managing Director Hakim Ouzzani emphasised the bank’s commitment to supporting businesses beyond financing, by facilitating knowledge-sharing platforms that promote sound financial governance.
Key presentations from PwC’s Tax Partner, Abeku Gyan-Quansah, and the Ghana Revenue Authority’s (GRA) Chief Revenue Officer (IT), Fred Addison, covered emerging tax trends and compliance updates.
Mr. Gyan-Quansah highlighted that CFOs must consider the tax implications of financial statement classifications, particularly revenue, which attracts VAT, withholding tax, and corporate income tax. He stressed that timely compliance with GRA deadlines is crucial to avoiding significant penalties, which can reach 25% above the MPC rate.
The PwC team further advocated for regular tax health checks to preempt issues before audits. They further advised companies to conduct thorough cost-benefit analyses when considering tax incentive schemes such as Free Zone arrangements, especially when transacting within West Africa.
Additionally, CFOs were encouraged to utilise the PwC Tax Calendar to stay current on filing deadlines and reminded of their right to appeal GRA penalties within 30 days.
In his presentation on the GRA online portal, Mr. Addison provided useful updates, including the introduction of third-party access for auditors and a new requirement for users to log in with individual TINs to improve accountability and traceability.
The interactive session concluded with a robust Q&A, allowing CFOs to seek clarity on pressing tax management concerns.
Societe Generale Ghana continues to position itself as a partner for growth by creating platforms that foster compliance excellence and financial resilience.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
