VAT Transaction advisory service is a type of VAT Advisory Service where a VAT expert analyses individual transactions of a business to identify the applicability of VAT.
VAT Advisory services hold a special place in all tax regimes especially in Ghana since the implementation of tax is fairly new in the country.
As across the globe, the tax authority issues tax laws which will govern the tax practices in the respective region but such laws will be generic in nature, Tax laws won’t cover specific scenarios a business might face but provides an insight into the taxability of transactions as a whole. That is where tax consultants come into the picture to provide VAT Transaction Advisory Services.
Our Tax consultants in Ghana are professionals with in-depth knowledge of the Ghana tax laws and regulations of a region. Our Tax Consultants played a pivotal role in successfully implementing VAT in Ghana by extending their support to the business communities in understanding the laws and regulations.
VAT Transaction advisory service simply means the analysis of an individual transaction of a business to identify the applicability of Ghana VAT. Such services are unique to a business entity.
As you know, every business comprises multiple transactions which are critical for its functioning. It is imperative to define them in detail and identify the tax points involved in those transactions for better compliance with Ghana VAT Law.
For example, assume a company that is located inside a Designated Zone. Any supply of goods made inside such designated zones for the purposes of consumption is to be taxed at 5% as per Ghana VAT Law. But on a thorough reading of the law, one should be able to decipher the drift of law which states that if such goods consumed inside a designated zone is forming part or are consumed during the course of production of another good located in the same designated zone shall be treated as Out of Scope of Ghana VAT.
This is one scenario of Ghana VAT Law that is constantly wronged by many tax registrants due to an inadequate understanding of the law. It is rather a necessity to have a seasoned tax consultant go through your business model and ascertain whether the taxability is accurate as per the tax laws of the country.
A tax consultant’s expertise is not limited to ascertaining the tax points in a transaction but to ensure that the accounting is done properly to reflect such tax treatment, as the law mandates, in the books of accounts of the company.
We, PISTIS And Associates, are the front runners when it comes to VAT in Ghana. We have successfully implemented tax systems for 500+ clients across the region.
During our VAT Transaction Advisory Services, we assist the clients efficiently to manage their VAT transactions by complying with Ghana VAT laws and advising on transactions. The TAX Experts ensure that the businesses comply with the rules and regulations so that there are no overpayments made and Input Credit is taken correctly on time. Our VAT Transaction Advisory Services or VAT Advisory Services is designed to comply with your business needs to cater to you our best advisory services in Ghana.
As your tax consultant, we will analyze the transactions of your company to identify the tax points involved in such transactions. Such minute attention to detail will help you devise a full-proof tax system in compliance with Ghana tax laws.
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