[ 2016-07-12 ]

Universal Merchant Bank wants more Indian business
Universal Merchant Bank (UMB) is targeting more
business from the Indian community in the country
to boost the bank’s bottom line.

Speaking at an Indian Business Seminar organised
by the bank, John Awuah, the bank’s Managing
Director noted that attracting business from the
strong and critical Indian community is part of
the bank’s strategy going forward.

He added that the seminar is not meant to target
a certain part of society but rather a strategy of
the bank to improve on its engagement processes,
meet a lot more of the bank’s customers and
potential customers.

“This is about our strategy going forward and
trying to understand our customers and potential
ones. We started this with the Chinese businesses
in the country and this is a continuation with
what we have set off to do in 2016 and we are
going to do similar ones.

Indians play a significant role in this economy
and society and we have significant business
interest in that community and once they stay
together and talk to each other then we should be
able to meet them and understand them better and
help them make decisions,” he said.

Speaking on the topic “Conquering the Tax
Landscape”, Abdallah Ali-Nakyea, Managing
Partner of Ali-Nakyea and Associates, tutored the
Indian businessmen on the various tax laws and the
new Income Tax law and how to file taxes the right
way and time.

“The best way of tax planning is tax
compliance. You must know how to manage your tax
affairs. The first thing is for you to understand
what is in the tax, the provisions, and
requirements because to every right there is an
obligation,” he said, adding that “even if the
tax laws provide you with some incentives or
reliefs it will put some obligations on you like
withholding taxes, time of paying and filing your
returns.”

He added that one key thing about taxation is
that if the person does not know about the
provisions of the law how does he or she comply?

“I think tax education is key. Defaulting
taxpayers are in three categories. Firstly, those
who do not know the law and so do not know what to
do. Secondly those who know the law but do not
know what to do and then those who know the law,
know what to do but won’t do it.

“For the first category they need education and
guidance and the second need guidance whiles the
third need to be punished to serve as a deterrent
to others because they will serve bad precedence
to others,” stressed.

Mahesh Mathani, Executive Director of the Honda
Place Ghana, lauded UMB for organising such a
seminar.

“Tax laws and systems have to evolve and
changed according to the present times and
government needs so it is normal and we do not see
it as been good or bad or sour. It is normal for
us and there are pros and cons for everything and
I don’t think it is a major issue.”

Source - thebftonline.com

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