Zenith Bank (Ghana) Limited, on Friday May 24, 2019, in partnership with Firmus Advisory Limited, organised the maiden edition of the Zenith SMEs/Corporates Breakfast Forum, as part of the Bank’s compliance series. The forum focused on tax compliance for successful business operations and it was under the theme, ‘Empowering the Private Sector to Maximize Revenue through Compliance with Ghana’s Tax Reforms’. The Forum which was very well attended was held at the Kempinski Gold Coast Hotel and brought together the leadership of the Bank, representatives of the Ghana Revenue Authority, Ghana Investment Promotion Centre, Ghana Free Zones Board as well as valued SMEs and Corporate customers of the Bank.
The Managing Director of Zenith Bank, Mr. Henry Oroh, in his opening remarks stated that, the initiative was underpinned by the Bank’s mission “to continue to invest in the best people, technology and environment to underscore its commitment to achieving customer enthusiasm”. To this end the Forum congregated the private sector for an informative session on Ghana’s tax reforms, the impact of the reforms, and the implementation of these reforms in their business operations.
Mr. Oroh added that it was also to support government’s initiatives at ensuring tax compliance across the length and breadth of corporate Ghana and to complement government’s effort to strengthen and enforce compliance in the country in 2019 and beyond. The MD/CEO stated that the Forum speaks to the foundational principles of the Zenith brand and its operations. “Zenith is one Bank that has built a reputable brand noted for its excellent compliance regime and corporate governance culture. Therefore, it is part of our strategic direction to initiate customer engagement programs such as this to promote the replication of that same corporate governance culture and compliance regime in SMEs and corporate businesses across the country”.
The MD reiterated the Bank’s firm commitment to supporting the growth of businesses and its contribution to the expansion of Ghana’s economy in general. He also commended the Ghana Revenue Authority for responding strongly over the last two years in the area of driving tax compliance and education in the country.
The Special Guest of Honour for the event, the Commissioner-General of the GRA, Mr. Kofi Nti, commended Zenith Bank for the laudable initiative and emphasised the need for SMEs and businesses to complement government’s effort in tax revenue mobilization. He revealed plans to introduce an e-payment platform that will allow tax payers in the informal sector to pay their taxes easily and conveniently. The platform, he said, is also expected to enable small scale tax payers, who dominate in the small and medium enterprise sector, to pay their taxes through mobile money platforms.
Mr. Nti said the Authority was currently implementing initiatives and reforms aimed at improving revenue mobilisation, economic growth and accelerated development. He said all those reforms were to boost tax administration in the country and expressed the hope that the private sector would embrace the reforms to improve on compliance level, which would ultimately improve revenue mobilisation. The Commissioner-General said the Authority would also be establishing business support units at all their GRA offices to support businesses to grow and keep their tax obligations in terms of filing tax returns. He assured invited guests that : the GRA does not in any way support the collapse of businesses but rather we help your businesses to grow and expand.” He said the authority would do all it could within its powers to ensure that every Ghanaian got fair treatment.
Integrated tax application systems
The Commissioner said GRA would also introduce the Integrated Tax Application Systems, an electronic filing system, to enable taxpayers file their personal income tax and returns online in the comfort of their rooms and offices with other modules soon to be inputted. He encouraged the public to insist on not buying products that had no excise tax stamp on them. “If the product has the stamp, it means the company has been approved by the Food and Drugs Authority and the Ghana Standards Authority,” he said. He said GRA was not only interested in looking for revenue but also wanted to help the public consume healthy products.
Through the Forum, Zenith Bank has once again reaffirmed its support for the private sector and the growth of Ghana’s economy.
Zenith Bank (Ghana) Limited, one of the most reputable and innovative banks in Ghana, in partnership with Firmus Advisory Limited, a leading business consulting firm and market leader in compliance in Ghana, announces the maiden edition of the Zenith SMEs/Corporates Breakfast Forum, as part of the Bank’s compliance series. The forum will focus on tax compliance for successful business operations and it is under the theme ‘Empowering the Private Sector to Maximize Revenue through Compliance with Ghana’s Tax Reforms’.
The forum scheduled to be held on May 24, 2019 at the Kempinski Gold Coast Hotel will bring together the leadership of Zenith Bank, representatives of the Ghana Revenue Authority, Ghana Investment Promotion Centre, Ghana Free Zones Board as well as valued SMEs and Corporate customers of the Bank who are key decision makers in their respective companies, for an informative session and deliberation on the recent tax reforms introduced by the Government of Ghana and the associated impact on their businesses and financial wellbeing.
The forum promises to be highly educative as participants will benefit from the knowledge and expertise of highly qualified resource persons presenting on ‘Using Taxation as a Tool to Promote Business Growth’. The presentation will cover the overview and benefits of tax compliance in Ghana, rights of taxpayers as well as available tax incentives and how to assess them. It will also explore the 2019 tax reforms and what taxpayers must know with regards to CTN, tax stamp, port paperless system, duty drawback, import duty rates, VAT among others. It is expected that customers will be equipped with the technical knowhow to increase their volumes of business and maximize profit.
This customer engagement initiative of Zenith Bank is underpinned by the Bank’s mission, “to continue to invest in the best people, technology and environment to underscore our commitment to achieving customer enthusiasm”.
The Bank’s goal is to complement Government’s effort to strengthen and enforce compliance in the country in 2019 and beyond. In the last two years, Ghana has experienced Government policy changes in the areas of imports, port regulation, taxation and general compliance. As a Bank noted for its excellent compliance regime and corporate governance culture since inception, this is an avenue to plough back into the community within which it operates by promoting the replication of that same culture in companies in the country.
Zenith Bank understands that SMEs and Corporates are the driving force of a country’s economy. The Bank’s decision to aggressively support the operations of its valued customers, the real sector and Government’s reforms, is to ensure that the economy continues to grow on a positive trajectory.
About Zenith Bank
Zenith Bank (Ghana) Limited, a subsidiary of Zenith Bank Plc, was incorporated in April 2005 under the Banking Act 2004 (Act 673) as a Private Limited Company and commenced universal banking operations in September 2005. The bank’s parent, Zenith Bank Plc, has built a reputation as one of Nigeria’s strongest banking brands and one of the country’s largest banks by market capitalization, profitability and total assets.
Zenith Bank Ghana has followed sturdily in the footprints of its parent and is currently one of the strongest and most profitable banking brands in Ghana. Zenith is also one of the largest banks by asset size in the country. The Bank’s branding has been anchored on continuous investment in people, technology, and excellent customer service.
The Bank currently has thirty eight (38) business offices (branches and agencies) in Ghana. Other service delivery channels include the numerous ATMs and Points of Sale terminals strategically located in various cities and towns countrywide. The bank also offers mobile and internet banking services which enable customers to access banking services on-the-go. Zenith’s main objective for deploying these state-of–the-art delivery channels is to bring banking services closer to its customers while ensuring the service is faster, easier and better than anything customers have ever experienced.
Over the last fourteen years, Zenith has improved its capacity, size, market share, and industry rankings in all parameters. The Bank has built financial, structural and technological muscle and has established its presence across the country.
Zenith Bank is a customer focused bank that places utmost priority on the satisfaction and delight of its customers. Recognising that the Bank is in business because of the invaluable support and patronage of customers, Zenith Bank has ensured that excellent customer experience is at the centre of its customer service strategy.
Zenith Bank’s goal is to be THE MARKET LEADER, in the next three (3) years with its key focus areas centred on customer service delivery, financial performance and brand repositioning.
Firmus Advisory Limited
Firmus Advisory Limited, a Business Consulting firm operating in three areas in Ghana; Regulatory Compliance, Market Research and Trade Development. The company facilitates formation of businesses; help secure all necessary business operation licenses and certifications to start operations. Firmus provides clients with the required industry data and analysis through research by reviewing the economic, political and market factors for sound decision making.
Firmus Advisory Limited has a decade of multi-sectoral experience in investment facilitation, investment identification & project advisory, consumer & market research, data analytics and enterprise development.