#statutoryreturns

[jonathanainoo]

Statutory Returns Made Easy: Tax, SSNIT & VAT Filing Tips

By Jonathan Ainoo

For many business owners—especially small to mid-sized ones—filing statutory returns feels like stepping into a maze. You know it's important. You know you can’t skip it. But the rules feel confusing, the forms seem endless, and the deadlines always seem to creep up too fast.

In Ghana, statutory compliance revolves around several pillars: income tax, VAT, and SSNIT (the Social Security and National Insurance Trust). Each one carries its own filing schedule, submission process, and penalties for non-compliance. Miss one return or under-report figures, and the penalties can pile up before you even realize what went wrong.

At JOBEX COMPANY LTD, we’ve made it part of our job to simplify this. Not just for ourselves—but for others too. Over the years, we’ve assisted dozens of clients in mining, logistics, engineering, and hospitality to get a better grip on their statutory obligations. And here’s the thing: once you understand the rhythm, it gets a lot easier.

Let’s break it down.

1. Know What You Owe—and When This sounds basic, but it's the step many businesses skip. Income tax is typically filed annually, with quarterly payments along the way. VAT? That’s monthly. SSNIT contributions for employees? Also monthly—and must be filed even if there were no staff or wages for that month.

We once supported a catering subcontractor who assumed that no workers meant no SSNIT return. She missed three zero returns. The fines? Far more than what she would’ve owed had she simply filed on time with a “Nil” return. It was a tough lesson—but a common one.

2. Keep Your Records Clean Another point that sounds obvious until you’re knee-deep in receipts. VAT-registered companies must issue VAT invoices and keep all sales and purchase records for auditing. Payroll data must match SSNIT filings. Bank statements should reflect declared income.

At JOBEX, we developed a simple system: a monthly compliance checklist. It tracks invoices issued, salaries paid, purchases made, and who was responsible for uploading what. You don’t need fancy software. Just consistency.

3. Understand the Platforms Ghana Revenue Authority (GRA) now allows online tax filing through its iTaPS platform. SSNIT also provides an employer portal for digital submissions. These systems are meant to help, but they can be intimidating at first.

We helped a vehicle rental client switch from manual filing to online submission. The first few months were bumpy—missed passwords, system outages—but by the third quarter, they were filing everything from their office, no queues, no courier costs.

4. Assign Responsibility—But Stay Involved Many business owners hand over all tax issues to an accountant or external consultant. That’s fine—but dangerous if you don’t stay informed. At JOBEX COMPANY LTD, we involve department heads during each filing cycle. Operations reviews fuel expenses, HR confirms payroll, and finance compiles the data. It takes a few hours, but we sleep better knowing everyone understands what’s been filed in their name.

5. Don’t Wait for a Letter Most tax problems don’t start with fraud. They start with forgetting. A missed return here. A delayed payment there. And then, suddenly, a demand letter with interest charges and potential audits.

I think this is where many businesses lose momentum. They feel overwhelmed, so they ignore it. The silence is deceptive. Just because no one’s knocking now doesn’t mean the system isn’t tracking. Filing late might not hurt today—but it will show up later, usually at the worst time. Like when you're applying for a loan, tendering for a contract, or being considered for something much bigger.

Take us, for example. JOBEX COMPANY LTD is proud to be a nominee for the 2025 Go Global Awards, to be held in London this November and hosted by the International Trade Council. Being part of something that brings together the world’s sharpest business minds—people creating solutions, exploring new partnerships, and adapting to change—requires credibility. And compliance is a huge part of that credibility. It’s not just about ticking boxes. It’s about showing you run your business with integrity.

So, what’s the takeaway?

Don’t fear your filings. Learn them. Tame them. Build simple systems around them. You don’t need to be a tax expert to stay compliant. You just need to pay attention—and act early.

At JOBEX COMPANY LTD, we’re not perfect. We’ve had our share of near-misses. But every time we cleaned up a system, every time we submitted on time or corrected an oversight before it became a penalty—we got stronger.

And I think that’s what sustainable business is about. Not just growing—but growing responsibly.