After legitimising your business with the Deeds/Commercial Registry, your next stop should be at the GRA to register the business for taxation purposes.
During the first year of operation, ensure that you find out about quarterly advance taxes and the due dates that are required as per below:
- April 1
- July 1
- October 1
- December 31
It is advisable, you total your records in a periodic manner; for example, daily, weekly, or monthly. This depends on the size of your business, hence the number of business transactions you would have and will assist you to easily calculate your yearly income and expenditure statements, thus making tax returns submissions much easier.
Purchase all necessary licences and practice certificates where applicable for your business. These licences must be displayed at your business premises OR they should be in your possession in the case of hucksters.