Domestic Tax News

GUIDELINES FOR TAX EXEMPTION REFUNDS

The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to inform the general public that further to government policy to require prior payment of import duties and taxes, and to refund payments to applicants who qualify for exemptions from the ...

Value Added Tax Amendment Bill Passed

Parliament on Friday passed the Value Added Tax (Amendment) Bill, 2017, which would require all taxable retailers and wholesalers to account for the Value Added Tax (VAT) at a flat rate of three per cent. The rate would be calculated ...

Duties on spare parts, 7 other taxes abolished

Finance Minister Ken Ofori-Atta has announced government's decision to abolish eight taxes and reduce four others, many of which were introduced by the previous government.According to him, many of the taxes were nuisance taxes, the removal of which will ease the difficulties ...

Tax Revenue Mobilization during 8 years of NDC Administration (Part 1)

The tax system in Ghana has undergone a major transformation during the past eight years than any other period in our socio-political history.The NDC administration has over the past eight years of governance undertaken various tax reforms with the aim ...

TO CUT OR NOT TO CUT – Analysis of NPP Tax Proposals

The New Patriotic Party, in its Manifesto for the 2016 Elections, highlighted as one of its main Economic Policy Direction for the country, is to “shift the focus of economic management from taxation to production”. To achieve this objective, the ...

Tax evaders to be denied access to passports & visas

The Ghana Revenue Authority (GRA) has announced it will begin rolling out a new policy which will see Ghanaian tax evaders denied access to passports, driver’s license and visas. The policy is expected to commence from the 1st of January ...

Reduce tax burden - AGI, ICU cry

The Industrial and Commercial Work­ers Union (ICU) and the Association of Ghana Industries (AGI) have intensified calls on the government to reduce the tax burden on their mem­bers. According to them, the multiplicity of taxes contin­ues to negatively affect the ...

Gh¢2.1bn Lost In 2015 . . . IMF Unhappy About Tax Exemption Regime

While government continues its borrowing spree, a whooping GH¢2.1billion (GH¢2,103.31) of tax revenue has been lost to exemptions granted in 2015. This means exemptions in 2015 has jumped by over GH¢887million from GH¢1.2billion (GH¢1,216.01 million) in 2014 to GH¢1.2billion (GH¢2,103.31).  ...

Reduce prices of handsets to reflect tax regime - Kwaku Sakyi-Addo

The Chief Executive Officer of the Telecommunications Chamber, Mr Kwaku Sakyi Addo, has asked mobile phone distribution companies to ensure that the prices of their devices reflect the recent reduction in import duties on mobile handsets from 20 per cent ...

GUIDELINES ON THE EXPORT AND RE-EXPORT OF PETROLEUM PRODUCTS FROM GHANA

The Ghana Revenue Authority (GRA) has noted with concern the rising incidence of fuel through the abuse of the export and re-exportation regimes. The following guidelines are issued to stem the abuse and to prevent further loss of revenue. Traders ...

Insist on tax relief forms to take advantage of it- Ali Nakyea Abdallah

A Tax Consultant Ali Nakyea Abdallah has urged employees to insist on completing tax relief forms to enable them take advantage of the product. According to him, Ghana’s tax laws grant some reliefs for some categories of workers but most ...

$2.1bn lost to tax evasion every year – ISODEC

Ghana loses nearly US$2.1 billion dollars to tax evasion and incentives annually, reveals a study carried out by the Integrated Social Development Centre (ISODEC), a civil society organisation. According to the study, which was conducted on behalf of the National ...

Chamber of Pharmacy Ghana advocates tax removal

The Chamber of Pharmacy Ghana, has called for the removal of the current taxes on medicines, which are contributing to the current increases in prices of the commodity and threatens quality health care delivery. They said the removal of the ...

Casual, temporary workers to pay 5% tax

The Ghana Revenue Authority (GRA) has stated that the passage of the legal instrument (LI) under the country’s Income Tax Act, 2015, Act 896 will clarify taxes that must be imposed on class one workers. According to the GRA, all ...

Telecom analyst demands tax cuts on imported phones

Telecom analyst, Fouad Chalabi has taken a swipe at government over taxes charged on telephone handsets imported into Ghana. According to him, zero tax on imported phones especially Smartphones will reduce smuggling of the device and help in the growth ...

GRA Needs Support To Fight Transfer Pricing – Report

The Natural Resource Governance Institute (NRGI),  an independent, non-profit organization says staff of the Transfer Pricing Unit at the Ghana Revenue Authority (GRA), needs specialized audit training to fight tax avoidance and transfer pricing, particularly in the extractive industry. According to ...

Tax on capital gains: Ghana losing millions due to delay of reforms

As investors in the capital market wait for an amendment to taxes imposed on capital gains, a tax analyst, Abdallah Ali-Nakyea has urged the Ministry of Finance to speed up the processes to remove the provision since the delay is ...

‘Penalties in new income tax law can collapse businesses’

‘Penalties in new income tax law can collapse businesses’ Head of the Department of Economics at the University of Ghana, Professor Peter Quartey, has branded as “overly punitive and ridiculous” some of the penalties stipulated in the new Income Tax ...

GRA Claps Down On Non-Issuers Of VAT Receipts

The Special Revenue Taskforce of the Ghana Revenue Authority (GRA) last week, clamped down on mobile phones sellers, who do not charge Value Added Tax (VAT) in accordance with the law. According to the officials of the taskforce, the levying ...

Two managers arrested over fake tax clearance certificates

The managers of two printing companies in Accra have been arrested by the Special Revenue Mobilization Unit of the Ghana Revenue Authority (GRA) for possessing fake tax clearance certificates. The Managers are the administrators for the Skyco Printing Press and ...