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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

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    Fuel prices to go up as NPA announces restoration of UPPF margin

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

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

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

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

  • TECHNOLOGY

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

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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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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Societe General Ghana partners AGF to provide financing solutions for SMEs

IMF programme won’t affect free SHS, other flagship programmes – Gov’t

NPA encourages consumers to lodge complaints of foul play at the pump for redress

Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

E-Levy won’t be terminated because of IMF bailout – Gov’t assures

IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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