Jennifer Ayampoka Kukua, CA

What is Withholding Tax (WHT)? Withholding Tax (WHT) is a tax deducted at source by a withholding agent before making final payments to a seller, contractor, or consultant. The withholding agent (resident individual or entity), is responsible for withholding the tax when making payments to resident or non-resident persons. The amount withheld is subsequently remitted to the Ghana Revenue Authority (GRA). The power to deduct or withhold is provided by the Income Tax Act, 2015 (ACT 896). The Act provides the following rates to be applied to a resident person: 1.      The supply of goods - 3% 2.      The supply of works - 5% 3.      The supply of services – 7.5%. The rate for a non–resident person is 20% on Goods, Services, and Works. Definition of Key Terms 1. Goods “Goods” refer to objects of every kind, including raw materials, products, and equipment, as well as solid, liquid, or gaseous items, and electricity. It also inclu...

  Definition Petty cash is a small amount of money an organization keeps on hand to pay for minor expenses. This amount, referred to as the Petty Cash Float , is approved based on the organization’s policy. The Petty Cash Custodian , designated according to the company’s procedures, is responsible for managing petty cash transactions. This individual handles all approved transactions, maintains records (vouchers and receipts), and accounts for the float when it is exhausted. Payments and replenishments are made following established guidelines to ensure accountability. Who is the Petty Cash Custodian? The custodian role is assigned based on company policy and may be filled by: An Assistant Accountant A Cashier An Accountant Purpose of Petty Cash Float The petty cash float serves the following purposes: To ensure liquidity for small, immediate expenses. To prevent delays in processing minor payments. Enhance  financial control and account...