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Ghana - Corporate tax to be slashed from next year

Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister; Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also part of the tax cuts which was key among the numerous promises by the New Patriotic Party (NPP) ahead of the 2016 general elections. Mr. Ken Ofori Atta maintains that diversifying tax revenue streams should   prevent the overconcentration   on Corporate Income Taxes (CIT). “How do you then tap enough people to contribute so that you do not need to focus on corporate income tax as a main source of revenue…We are considering reduction in a number of taxes and the Corporate Income Tax is one of them,” he explained. Upon assuming office, the NPP government has   reviewed about fifteen (15) taxes . In the government’s first budget, eleven ...
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How Capital Bank managers used BoG cash to establish Sovereign Bank

The management of now-defunct Capital Bank used liquidity support given by the Bank of Ghana as capital to secure a license for another collapsed bank, Sovereign Bank. The report cites an emergency board and Executive Committee meeting on October 13, 2015, which notes concern with the manner in which the Ghc 610 million liquidity support to the struggling bank was being used. The monies were moved by a member of the Board, Ato Essien into companies believed to be owned by him and others. The rest of the money was used to set up the Sovereign Bank. “Funds raised through the commercial paper issuance by MC Management Services Limited and Breitling Services were used as capitalization for the establishment of the Sovereign Bank Limited. “The placement of GHc 130 MC to Alltime Capital and GHc with Nordea Capital, was a round-tripping of the liquidity support from Bank of Ghana to set up Sovereign Bank,” the report said. The report also indicated that Dr. Mensa Otabil may h...
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AICPA issues Technical Questions and Answers (TQA's) on use of inappropriate accounting standards

AICPA Technical Questions and Answers TQA Section 9160.31–.35  discusses: Whether an entity is a state or local government for purposes of determining whether it is using the appropriate set of accounting standards. How to report on the entity’s financial statements when the entity elects to follow either a different set of standards or a special-purpose framework. Section 9160, Other Reporting Issues are as follows .35 Reporting on Indian Tribe Financial Statements Prepared in Accordance With Accounting Standards as Promulgated by FASB Inquiry —an Indian tribe (or a component thereof, such as a business component functioning like a commercial entity) that meets the GAAP definition of a state or local government prepares its financial statements in accordance with accounting standards as promulgated by FASB. In such situations, may an auditor report on whether the entity’s financial statements are presented, in all material respects, in ac...
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