BudgIT Ghana, Oxfam, and IBP Empower Student Entrepreneurs with Tax and Legal Education, Urge Tax Compliance for Business Growth
BudgIT Ghana, in collaboration with Oxfam and the International Budget Partnership (IBP), has organized a tax and legal clinic for student entrepreneurs to mark International Women’s Day.
Themed “Accelerate Action for Gender Parity,” the event aimed to educate young business owners on taxation, financial compliance, and legal obligations essential for sustainable entrepreneurship.
Speaking at the event, Jennifer Moffat, Country Director for BudgIT Ghana, highlighted the importance of increasing domestic revenue mobilization through the inclusion of informal sector businesses, particularly student-led enterprises.
She noted that many student businesses fail to comply with tax regulations, making it difficult for them to access opportunities such as business contracts and funding.
“We brought together students from different universities to participate in this event because many of us started our businesses while in school, but upon graduation, we face challenges due to non-compliance with tax regulations and others. This clinic provides the necessary education and resources to address these gaps,” Ms. Moffat stated.
The tax and legal clinic featured participation from key institutions, including the Ghana Revenue Authority (GRA), Opportunity International, Fidelity Bank, the Society of Women in Taxation (SWIT), and Revenue Mobilization Africa.
These organizations provided one-on-one interactions, assisting students with business registration, tax compliance, and access to startup loans.
During the clinic, student entrepreneurs were educated on their taxpayer obligations, which include:
- Registration with the GRA
- Filing tax returns by due dates
- Paying taxes on time
- Making full and accurate disclosures
They also received insights into various tax categories, including direct taxes (such as vehicle income tax, individual gift tax, and capital gains tax) and indirect taxes (such as VAT, excise duty, communication service tax, import and export duties, and E-Levy).
Additionally, students were informed about the penalties for failing to file taxes, with businesses liable to pay GHS 500 for non-compliance and an additional GHS 10 for each day the failure continues.
The benefits of tax compliance were also outlined, comprising fair tax assessment, allowable deductions, tax refunds, exemptions, and concessions. Moreover, students were made aware of their rights as taxpayers, which include:
- Paying only the correct amount of tax, penalty, and interest
- The right to objections and appeals
- Access to assistance, information, and quality service
- Confidentiality and privacy protections
- Representation and eligibility for relief, refunds, and rebates
The event concluded with a post-assessment session, with organizers expressing confidence that participants had gained valuable knowledge to support their entrepreneurial endeavors.
“Today’s event has provided students with essential insights into tax compliance and financial management, which will help them build sustainable businesses,” Ms. Moffat added.
The initiative reflects a broader effort to integrate student entrepreneurs into Ghana’s formal economy, equipping them with the tools to contribute effectively to national development through tax compliance and financial literacy.
