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    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

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

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

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

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    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

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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

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Parliament to reverse new tax on interest earned by individuals

bycitibusinessnews
January 4, 2016
in Business, Government, Local Economy, Top Stories
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Citi Business News has gathered Parliament is likely to reverse the imposition of the 1% tax on interest earned by individuals.

[contextly_sidebar id=”NMyV0a1Iis1fOFnvmHA3SPNidHG5hzq5″]Following the implementation of the new income tax law by the Ghana Revenue Authority (GRA) to replace the repealed Internal Revenue Act,  (Act 592) which took effect on 1st January, 2016, all interest paid to an individual is to attract 1 percent tax this means any interest accrued on treasury bills, fixed income deposit, interest from banks among others will attract a tax of 1 percent.

Interest or dividend paid to a member or holder of an approved unit trust or mutual fund is also taxed at one per cent where the holder is an individual.

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The imposition of the tax has been widely criticized while players in the investment sector have warned the move could seriously affect interest in the industry which is still struggling to draw people in.

But according to the finance ministry that tax will be reversed.

A statement from the Finance Minister Seth Terkper  to Citi Business News on the matter said ‘government has already submitted proposals to Parliament to reverse the position’.

Reacting to the other areas affected by the new tax the statement said ‘it is important to draw the attention of the general public to the objectives and significant benefits of the Act which are to revise and consolidate the laws relating to income tax after fifteen years of operation of the Internal Revenue Act, 2000 (Act 592). This review included consolidating the general fiscal regime, Minerals and Mining Income Tax, Petroleum Operations Tax, and the taxation of entities such as   Public, Mutual, and Non-Profit Causes’.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

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