International Tax Planning, which means managing the complexities of multiple tax regulations around the world is what you would need.
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.
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;
Now Ghana is committed to the relevant overseas authorities to report within the timelines.
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