Mr. Michael Harold Danso-Ntiamoah, a former management professional at the Ghana Revenue Authority (GRA), delivered an in-depth presentation. He delved into the complexities of Ghana’s withholding tax regime, emphasising the need for both employers and employees to stay well-informed about income tax regulations, including specifics related to overtime pay and bonuses.

Highlighting critical points from the Income Tax Regulation 2016, Mr. Danso-Ntiamoah explained that overtime pay eligibility is confined to junior employees earning a basic annual salary of no more than GH₵ 18,000. He further clarified the taxation of bonuses, noting that bonuses are taxed at a 5% rate, provided they do not exceed 15% of the employee's annual basic salary.

A significant portion of the lecture focused on the withholding tax system, which Mr. Danso-Ntiamoah described as a key compliance tool within the tax framework. He stressed the importance of employers withholding taxes from employee incomes and payments for contracted services, warning that non-compliance could lead to severe penalties.

Mr. Danso-Ntiamoah also clarified the legal definitions of goods and services, distinguishing goods as tangible objects and services as labour, time, or effort without a physical end product. He further emphasised the necessity of filing accurate tax returns and providing complete information to the GRA to ensure that taxpayers receive appropriate credits for withheld taxes. "All employees, regardless of income sources, are legally required to file their returns," he reminded the attendees, cautioning that failure could result in avoidable penalties.

The discussion also covered Value-Added Tax (VAT) withholding responsibilities, where Mr. Danso-Ntiamoah explained the role of withholding agents, appointed by the Commissioner General, to withhold 7% of the taxable output value of standard-rated supplies. He instructed that these agents must issue a withholding VAT certificate and submit returns by the 15th of the following month.

Clarifying the compound rate for VAT and related levies, Mr. Danso-Ntiamoah informed the participants that the standard VAT rate of 15% when combined with other levies, including the National Health Insurance Levy (NHIL), GetFund Levy, and COVID-19 Levy, culminates in a total rate of 21.9%. He provided practical examples, including the formula 3/23, to illustrate how to calculate VAT from gross amounts, underscoring its significance for accurate tax compliance.

Throughout his presentation, Mr. Danso-Ntiamoah emphasised the importance of understanding tax obligations to avoid penalties and ensure adherence to the law. He encouraged the finance staff to seek clarification and apply the concepts and formulas discussed in daily routines to ensure accurate tax filings and payments.

The CPD lecture concluded with a motivating call to action, urging ¾ÅÉ«ÊÓƵFinance staff to integrate the knowledge and techniques gained into their professional routines, to ensure compliance with tax laws and contributing to the university's financial integrity.