LIMA Digest

Understanding the Difference Between Accounting and Bookkeeping

In the world of business and finance, terms like “accounting” and “bookkeeping” are often used interchangeably, but they represent distinct functions. Both are critical to the financial health of any organization, yet they serve different purposes and require different

LIMA Digest

Foreign Tax Credit regime in Ghana.

Section 112 of the Income Tax Act 2015 (Act 896) provides a mechanism for Ghanaian residents (excluding partnerships) to claim a foreign tax credit for income taxes paid to foreign countries. This credit applies to assessable foreign income—income earned

LIMA Digest

Managing Transfer Pricing Audits in Ghana: Strategies for Effective Risk Management

Navigating the ever-evolving landscape of Transfer Pricing (“TP”) in Ghana is no easy feat for multinational enterprises (MNEs). As the Ghana Revenue Authority (GRA) continues to step up its scrutiny of cross-border transactions, MNEs face increased pressure to demonstrate

LIMA Digest

The Future of E-Commerce in Ghana: Compliance with Emerging Digital Trade Regulations

E-commerce in Ghana is rapidly transforming the way businesses operate and consumers shop. With increasing internet penetration, a growing middle class, and the widespread adoption of mobile technology, Ghana’s digital marketplace is expanding at an unprecedented rate. However, this

LIMA Digest

Summary article on the exemption regime of Ghana.

Prior to the enactment of Act 1083, an application for tax exemptions might commence with an industry-specific Ministry, after which a letter of support can be issued to the Minister of Finance for an assessment to be made on

LIMA Digest

Preparing Financial Statements Under IFRS: IAS1 and IFRS18

Introduction International Financial Reporting Standards (IFRS) provide a comprehensive framework for the preparation and presentation of financial statements globally. At the core of this framework is IAS 1 Presentation of Financial Statements, which sets out the overall requirements for

LIMA Digest

Management Styles and the Pitfalls of Micromanagement

Introduction Effective management is a critical component of organisational success, and there are various management styles that leaders can adopt. While some approaches, such as participative or transformational leadership, have been shown to foster employee engagement and drive positive

LIMA Digest

RECENT UPDATES IN TRANSFER PRICING, PILLAR 1&2 FRAMEWORK FOR TAXATION OF DIGITAL ECONOMY

In 2021, the OECD /G20 Inclusive Framework (OECD inclusive framework) on Base Erosion and Profit Shifting initiative was launched to address gaps in the international tax system and to tackle the tax implications resulting from the digitalisation of the

LIMA Digest

Navigating Customs Post Clearance Audit in Ghana: A Concise Guide

Navigating customs post-clearance audits in Ghana is a critical process for businesses to ensure compliance with customs laws and regulations, avoid penalties, and maintain smooth import operations. The key steps involved in the audit process include selection of shipments

LIMA Digest

February 19, 2024
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By admin
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Leave a Comment on A Report on the 2023 AFCON

A Report on the 2023 AFCON

Introduction Ivory Coast’s triumphant hosting of the African Cup of Nations (AFCON) soccer competition marks a monumental milestone in the nation’s journey from turmoil to prosperity. Emerging victorious on home turf, Ivory Coast celebrated not only the triumph of

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LIMA Digest

Understanding the Difference Between Accounting and Bookkeeping

Foreign Tax Credit regime in Ghana.

Managing Transfer Pricing Audits in Ghana: Strategies for Effective Risk Management

The Future of E-Commerce in Ghana: Compliance with Emerging Digital Trade Regulations

Summary article on the exemption regime of Ghana.

Preparing Financial Statements Under IFRS: IAS1 and IFRS18

Management Styles and the Pitfalls of Micromanagement

RECENT UPDATES IN TRANSFER PRICING, PILLAR 1&2 FRAMEWORK FOR TAXATION OF DIGITAL ECONOMY

Navigating Customs Post Clearance Audit in Ghana: A Concise Guide

A Report on the 2023 AFCON

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