BTA Admin The Ghana Revenue Authority says businesses that lose goods through fire outbreaks, floods, or other unexpected disasters can apply for tax relief, offering struggling firms a financial cushion during recovery.
The Ghana Revenue Authority has announced that businesses affected by fires, floods, and other unforeseen disasters may qualify for tax relief, allowing destroyed goods and business losses to be treated as allowable tax deductions after verification.
The move comes as businesses across parts of Ghana continue to count losses from recent floods, market fires, and climate-related disruptions that have affected operations and inventory.
Speaking on Joy FM’s Super Morning Show, Chief Revenue Officer Victor Yao Akogo said businesses that suffer losses are entitled under Ghana’s tax laws to deduct the value of damaged or destroyed goods from their taxable income.
“The cost they incurred in acquiring their goods is an expense, and that expense ought to be deducted against the income they earn,” Mr Akogo explained.
“We are saying that expense is an allowable deduction, so they should notify the GRA for us to investigate, confirm it and grant it as an allowable deduction,” he added.
According to the Authority, the policy is intended to help businesses preserve cash flow and support recovery after disasters that can wipe out inventory, equipment, or operating capital.
The GRA stressed that affected businesses must formally report losses to the Authority so officials can assess and verify the extent of the damage before deductions are approved.
The relief applies to businesses that are properly registered with the tax authority.
Mr Akogo advised sole proprietors to register using their Ghana Card, while companies are required to obtain a Tax Identification Number (TIN), which remains mandatory for all tax-related transactions in Ghana.
“The Tax Identification Number is what you use for all tax transactions, including filing returns and paying taxes,” he said.
The Authority also encouraged businesses and individuals without TINs to register through the GRA’s digital platforms to ensure compliance and easier access to tax-related services.
Beyond the relief announcement, the GRA reminded taxpayers that filing tax returns remains compulsory even for businesses that recorded no profits or business activity during the reporting period.
Businesses without taxable income are still expected to submit NIL returns to avoid penalties.
“If you don’t earn income, you have to make a declaration and file a NIL return. Let us know that you are not liable to any tax. Don’t keep us in the dark,” Mr Akogo stated.
The GRA further reminded corporate entities that June 30 remains the deadline for filing monthly Value Added Tax (VAT) returns and remitting VAT collected on behalf of the government.
Businesses that fail to file on time risk a GH¢500 penalty, in addition to GH¢10 for every additional day of default.
The Authority noted that all tax returns are now processed electronically through the GRA Taxpayer Portal as part of broader efforts to digitise tax administration and improve compliance.
The Ghana Revenue Authority’s latest directive offers financial relief for businesses affected by fires, floods, and other disasters by allowing verified losses to reduce taxable income.
As climate-related disruptions and market fires continue to impact businesses across Ghana, the policy could provide struggling firms with temporary financial breathing room while encouraging stronger tax compliance and formal registration.
