Tax Attorney encourages Ghanaian workers to utilize tax reliefs amid current economic difficulties
Tax attorney and Director of EM Tax Advisors, Fred Awuttey Esq., has emphasized the importance for Ghanaian workers taking advantage of the various tax reliefs provided by the Ghana Revenue Authority (GRA). During the recent NorvanReports Twitter Space Conversation held on Sunday and titled “Is the Salaries/Wages of the Ghanaian Worker Sustainable Today?”, Awutey highlighted the significance of utilizing tax reliefs to provide a cushion for employees, particularly during times of economic difficulty, as Ghana is currently experiencing.
According to Awutey, employees should familiarize themselves with the tax laws in the country, especially the available tax reliefs. While these reliefs may not be substantial, they can still provide valuable support to workers, especially when faced with the challenges of high cost of living. By taking advantage of these tax provisions, individuals can potentially alleviate some financial burden and enhance their overall financial well-being.
The Ghana Revenue Authority offers a range of tax reliefs to eligible individuals. Some notable examples include personal reliefs, which involve a fixed amount of money deducted from an individual’s taxable income. Additionally, child reliefs provide additional deductions for each qualifying child, while old age reliefs allow deductions for individuals aged 60 years and above. Moreover, marriage/spousal reliefs offer tax deductions for married individuals or those in recognized spousal relationships. Education reliefs are also available, allowing deductions for individuals who are paying for their own education or that of their dependents. Lastly, mortgage interest relief provides deductions for mortgage interest payments made on residential properties.
By leveraging these tax reliefs, workers can potentially reduce their tax liabilities and retain more of their hard-earned income. This can significantly alleviate financial strain and contribute to a more sustainable financial situation, especially during challenging economic periods.
Fred Awutey Esq.’s advocacy for the utilization of tax reliefs underscores the importance of tax planning and awareness among Ghanaian workers. By staying informed about available tax benefits and seeking professional advice when necessary, individuals can maximize their financial resources and navigate the evolving economic landscape more effectively.
As Ghanaian workers face ongoing economic uncertainties, Fred Awutey Esq.’s advice serves as a timely reminder to leverage the tools and provisions available to them. By embracing tax reliefs, individuals can mitigate financial challenges and foster greater financial stability in their lives.
