The Ghana Revenue Authority, GRA, has announced that it will offer tax reliefs to companies that have donated to the National COVID-19 Trust Fund.
This was disclosed by the Chairperson of the COVID-19 Trust Fund, Madam Sophia Akuffo.
Speaking at an event at the Jubilee House on Tuesday, 26th May, 2020, Sophia Akuffo said the move by the GRA is aimed at rewarding companies and institutions that supported the national fight against COVID-19 by donating in cash and kind.
The reliefs would be extended to those who also are also yet to donate towards the Fund.
“We’re also happy to announce that the Ghana Revenue Authority has confirmed that tax reliefs will be available to donors who make donations to the COVID-19 National Trust Fund when filing their tax returns. This is subject to fulfilling requirements that the GRA has set out in its recently published guidelines for their implementation of the tax incentives in support of taxpayers against the pandemic,” she said.
Following the impact caused by the novel coronavirus in the country, President Akufo-Addo created the COVID-19 Fund with his three-months salary as seed money, to support the well-being of those who will be worst-hit by the pandemic.
Currently, the Fund received over GHS 50 million from businesses and individuals to complement the efforts of government in the fight against the novel coronavirus.
The pandemic has already crippled many sectors of the economy and has also tightened financial conditions, compelling government to set aside GHS1 billion cedis in support of small scale businesses.
Government has also implemented several initiatives to mitigate the economic impact of the pandemic on the general Ghanaian populace.
GRA announces measures to provide relief to taxpayers amid COVID-19
In the wake of the COVID-19 pandemic, the Ghana Revenue Authority has already announced that taxpayers who redeem all their outstanding debts due the Authority by June 30, 2020, will be granted a remission of penalties on their principal debts.
These measures, according to the GRA, are also to ensure that taxpayers fulfill their tax obligations during the period.
In a statement issued and signed by the Commissioner General, Mr. Ammishaddai Owusu-Amoah, the GRA said the due date for filing annual tax returns will be extended from four months to six months.