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    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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#CitiBusinessFestival: Tax analyst urges compliant businesses to apply for tax reliefs

byNerteley Nettey
June 3, 2020
in Business, Top Stories
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Tax Analyst, Dr. Abdallah Ali Nakyea, says businesses that want to benefit from government’s available tax incentives should ensure they comply with all the necessary requirements by law.

The Ghana Revenue Authority has reviewed the due dates for the filing of tax returns and payments of same to cushion businesses from the impact of the coronavirus.

The government has also announced some tax reliefs for businesses that contribute to the COVID-19 Relief Fund.

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But speaking on the on-air series of the Citi Business Festival, Dr. Ali Nakyea said it is imperative for prospective beneficiaries to fulfill their side of the bargain so they are relieved of the tax burden in times like these.

He spoke on the topic, “Compliance In Abnormal Times”.

“At the beginning of the year, you would have served the Ghana Revenue Authority your self-assessment. This has been impacted on and the law allows you to apply to the GRA to revise the self-assessment. Even if you will have to go and sit with them, there should be a written document. So, you apply to the Ghana Revenue Authority stating the grounds on which you have been constrained and why you are revising your self-assessment because you can’t meet deadlines, you will need to marshal your arguments in your applications,” he said.

In the wake of the outbreak of the novel coronavirus in the country, the Ghana Revenue Authority introduced some tax reliefs to assist taxpayers on things such as payment guidelines to compliance actions.

Among other measures, they stated 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.

Dr. Ali Nakyea is however calling on government to amend the laws to include a relief of late payment for some category of defaulters, since there are different laws pertaining to tax defaulting.

“…So, if you are unable to meet the deadline, the best way of compliance is to apply to the GRA for extension of time to file. The difficulty here is that an extension can be granted, but the law says it does not extend for you the time of payment. And this is one area government can look at to ease the pressure off businesses. The extension of time should include a relief for late payment because in the law there is a different penalty for late filing of your returns and a different penalty for late payment of tax. So you can get an extension of the date to file your returns but that does not absolve you of the actual payment,” he said.

He stated that, “the argument for non-payment could be the impact on your business or your finances as well. Then the late filing could be other reasons because people are working from home as people do not work from the office full time.”

Finance Minister, Ken Ofori-Atta, has already stated that the country is recording a huge decline in revenue from the port, petroleum revenue receipts, as well as tax revenue due to economic slowdown caused by the COVID-19 pandemic.

Government is targeting total revenue and grants for 2020 to reach 67.0 billion cedis, but the situation will lead to an increase in Ghana’s fiscal deficit.

Also, the COVID-19 fight could cost Ghana about 9.5 billion cedis leading to an ultimate fiscal gap of 11.4 billion cedis.

Put measures in place to tax digital economy – Tax Analyst urges GRA

Dr. Abdallah Ali Nakyea earlier proposed to the Ghana Revenue Authority (GRA), to put in place some essential measures to tax digital business transactions as most businesses have resort to digital platforms to continue with the provision of services and sustain their operations.

He says this should enable the Authority to increase its revenue sources in order to meet or exceed revenue targets.

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Cedi depreciates against the dollar by 22.5%

Financial sector withstood 2022 shocks; positive signs ahead – BoG

Water shortage to hit parts of Accra; businesses to be affected

Excise tax amendment shows positive signs; rakes in GHS 140m 

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