Tighten Tax Compliance - Societe Generale Ghana Cautions CFOs
Accra, Ghana - 2 July, 2025 - Societe Generale Ghana has taken a significant step in supporting businesses in the country by hosting a strategic breakfast session for Chief Financial Officers (CFOs) on June 19, 2025, at the Alisa Hotel in Accra.
The forum, attended by senior finance executives from various sectors, focused on the critical importance of tax compliance and planning in driving business profitability.
The event featured key presentations from PwC's Tax Partner, Abeku Gyan-Quansah, and the Ghana Revenue Authority's (GRA) Chief Revenue Officer (IT), Fred Addison.
Mr. Gyan-Quansah highlighted the need for CFOs to consider the tax implications of financial statement classifications, particularly revenue, which attracts Value Added Tax (VAT), withholding tax, and corporate income tax.
He also emphasized the importance of timely compliance with GRA deadlines to avoid significant penalties, which can reach 25% above the Monetary Policy Committee (MPC) rate.
The PwC team advocated for regular tax health checks to preempt issues before audits and advised companies to conduct thorough cost-benefit analyses when considering tax incentive schemes.
In his presentation, Mr. Addison provided updates on the GRA online portal, including the introduction of third-party access for auditors and a new requirement for users to log in with individual Taxpayer Identification Numbers (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's Managing Director, Hakim Ouzzani, emphasized the bank's commitment to supporting businesses beyond financing by facilitating knowledge-sharing platforms that promote sound financial governance.
The event underscores Societe Generale Ghana's position as a partner for growth, creating platforms that foster compliance excellence and financial resilience. By providing a forum for CFOs to discuss tax compliance and planning, the bank is helping businesses in Ghana navigate the complex tax landscape and optimize their tax positions.
Source: Lead News Online
