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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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

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Parliament approves withdrawal of 1% interest tax

bycitibusinessnews
February 10, 2016
in News
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Parliament on Wednesday February 6, 2016, approved the Income Tax Amendment Bill. The new Act, when signed by the President into law, will remove a recently imposed 1 percent tax on interests earned by investors, and also cut withholding tax from 15 percent to 7.5 percent.

A blistering wave of sustained public anger forced the Mahama-government to rush to Parliament with the bill after a law passed last year, imposed what critics have called killer taxes, sparking fears that investments in Ghana could plummet and also suffocate businesses.

It is not clear as to when Parliament will communicate it’s decision on the new act to the President for action, but insiders say the “House is likely to act with extreme urgency in notifying the President on the matter” given the “huge public, business and investor interest in the provisions of the new legislation.” Stop charging 1% interest tax.

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The Ghana Revenue Authority (GRA) on January 13 2016, directed all financial institutions to stop charging the 1% withholding tax on interest earned by individuals.

However, the move by the GRA generated angered some members of parliament since in their view, the GRA could not carry out such an action without recourse to Parliament.

A member of Parliament’s Finance Committee, Dr. Mark Asibey Yeboah argued this point out  out in an interview with Citi News.

“If Parliament passes a law, the president assents to it, and that is the position of the law.

Even the President in his press conference was not able to send a message to Ghanaians that nobody should pay that tax; the Minister of Finance cannot say same.

Now the GRA sends a directive to financial institutions to stop collecting the tax. I think it’s a not right, they shouldn’t have done that and as the law stands, they should go ahead and collect the taxes because it is only Parliament that can reverse the decision,” he insisted.

–

By: Richard Dela Sky/citifmonline.com/Ghana

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