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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Parliament passes Excise Bill 2013

bycitibusinessnews
June 28, 2014
in Business, Local Economy
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Parliament yesterday passed into law a bill to exert punitive measures on persons who manufacture excisable goods in the country without registering with the Ghana Revenue Authority (GRA).

The Excise Bill, 2013, enjoins manufacturers to file their excise duty returns for each calendar month not later than the 21st day of the following month, whether or not an excise duty is payable for the month to which the return relates.

The bill exempts goods purchased from a manufacturer for use by the president of Ghana, government of Ghana contracts where the contract is duly approved by Parliament, goods purchased for official use of any Commonwealth or foreign embassy, mission or consulate, among others.

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The object of the bill is to revise and consolidate existing provisions for the imposition and collection of excise duties on selected imported and locally manufactured goods and for related matters.

According to the new law, excise duty payable in relation to excisable goods imported into the country shall be paid to the commissioner general at the time the goods are entered for home use.

The Bill, which was read the third time and subsequently passed by the legislators , imposes an obligation on manufacturers of commodities such as local gin (Akpeteshie), polythene bags, wine, beer, sachet and bottled water, malt drink, among others, to register with the Ghana Revenue Authority (GRA ) and pay their excise duties accordingly.

Clause 26 of the bill states that a person who carries on business of manufacturing excisable goods without registering commits an offenwe and is liable on summary convictions which include a fine even imprisonment.

“The Commissioner General may authorise forfeiture of goods, raw materials, apparatus, utensils and other raw materials which in the opinion of the Commissioner General can be used in the manufacturing of the excisable goods,” it states.

The bill also imposes punitive measures on the manufacturing and storage of excisable goods in unapproved warehouses.

It states that a manufacturer who commits such an offence shall pay an administrative penalty equal to two times the amount of duty payable in relation to the excisable goods to the Commissoner General.

It added that such a person shall also be “liable on summary conviction to a fine of not more than three times the amount of excise duty payable in relation to those excisable goods or to a term of improsonment of not more than one year or both.”

 

Source: allafrica.com

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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