Taking a cue from Albert Einstein’s quote, ‘The hardest thing in the world to understand is the income tax’, the Internal Audit Directorate and the Human Resource and Organisational Development Directorate (HRODD) has organised a forum on understanding withholding tax obligations on grants.
This event was geared towards sensitizing all stakeholders, especially Faculty (Researchers, Principal Investigators), Accountants, Auditors, and the University Community on the need to withhold appropriate taxes on research grants in line with acceptable practice. It is the first governance stakeholder’s engagement, and it took a hybrid mode of attendance, with both in-person and virtual audiences.
In his address, the Pro-Vice-Chancellor for Research, Innovation and Development, Prof. Felix A. Asante, who chaired the forum, indicated that grants are key in achieving the University’s vision of becoming a world-class research institution. He was hopeful the forum would address issues and concerns of Principal Investigators and educate all on tax obligations of research grants.
Pro-Vice-Chancellor for Research, Innovation and Development, Prof. Felix A. Asante
Earlier, in a welcome statement delivered by the Director of Internal Audit, Ms. Sena Dake, threw light on the purpose of the gathering. She explained that there was the need to clarify misconceptions and provide answers to how the University should withhold taxes on research grants. ‘This forum is being organised to help understand the various issues of taxes and how we need to administer or implement them including the debate on the taxation of research grants. The forum is also expected to guide our Principal Investigators on how to incorporate tax planning in the budgeting process’, said Ms. Dake.
Director of Internal Audit, Ms. Sena Dake
In brief remarks, Mrs. Bernice Agudu, Director, Finance Directorate, noted that it is important to understand tax obligations at the various units of the University and discharge those duties. She stressed the collective responsibility of all employees to ensure that the University does not have tax liability to pay.
Director, Finance Directorate, Mrs. Bernice Agudu
Prof. Mohammed Amidu of the University of Ghana Business School and Dr. Abdallah Ali-Nakyea of the School of Law made presentations on Effective Budgeting and Tax Planning for Research Grants and Understanding Withholding Tax Obligation on Research Grant respectively. There was a vibrant question and answer session.
Dr. Abdallah Ali-Nakyea of the School of Law
Mr. Michael Owusu Ansah, College of Education Finance Officer, made a short contribution, calling on all Principal Investigators and Accountants to work together to minimise tax liability to the University.
Present at this programme were Directors, Deans, Researchers, Faculty, Accountants and other members of the University community. Also present online were Directors of Finance, and Internal Audit of sister universities.
