International Taxation
International Tax Planning, which means managing the complexities of multiple tax regulations around the world is what you would need.
What is International Taxation?
International Taxation means adhering to varied tax laws of a different jurisdiction when an entity undertakes cross-border transactions.
It includes the application of tax laws in the respective jurisdictions and determining tax obligations of entities in the affected jurisdictions.
In general, an entity needs to determine the tax expenditure in each jurisdiction of its operation and its exposure to tax liabilities in the jurisdiction in which it conducts its business.
Why is International Taxation is gaining importance now in Ghana?
Ghana, a most rapidly growing business hub, is the gateway between the Africa Pacific for cross-border transactions. Hence International Tax Planning is a very important matter for most of the businesses operating in this region.
To improve international competitiveness, Ghana started shifting towards a taxation economy that encourages transparency and improves economic diversification. The Ghana introduced Excise Tax in the year 2017 and Value Added Tax (VAT) in 2018. Subsequently, there are many developments with respect to improving international tax compliance in the country which are commendable and necessary.
The Ghana has given a green signal to the internationally agreed standards on exchange of information for tax purposes both “EOIR” (Exchange of Information on Request (‘EOIR’) and Automatic Exchange of Information (from OECD)
Ghana is largely compliant with the requirements of CRS (Common Reporting Standards) as well as FATCA to improve international tax compliance and international tax reporting.
Ghana joined the Inclusive Framework of BEPS (“ Base Erosion and Profit Shifting ”) on 16th May 2018 and became the 116th jurisdiction on the list. Hence Ghana is committed to implementing BEPS 4 minimum standards. In the year 2019, Ghana implemented the following two regulations;
- Economic Substance Regulation through the Cabinet Resolution no 31 of 2019. [Economic Substance Regulation is a part of Action 5 of the Base Erosion and Profit Shifting]
- Country by Country Reporting – CbCR legislation through the Cabinet Resolution no 32 of 2019. [CbCR is a part of Action 13 of the Base Erosion and Profit Shifting (BEPS)]
Now Ghana is committed to the relevant overseas authorities to report within the timelines.
Our international tax services in Ghana include,
- Corporate Tax – International level Advisory Service
- International tax planning for entities
- Initiating new business
- Expanding business into a new jurisdiction
- Analyzing special Cross border transactions
- Global capital structure planning, including efficient cross-border finance, repatriation of funds, and cash access planning
- Analysis withholding tax implications in each jurisdiction considering the Double Tax Avoidance Agreement in force
- Transfer pricing Compliances
- Guidance and Support for Compliance related to International Tax Reporting
- Global Tax Compliance Management
- Advisory Service on Tax for Expatriates
- Personal Tax Advisory Service
Contact us
It always our pleasure to meet with our new Clients and offer them our bespoke service. You may contact us here;