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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

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

    Intravenous Infusions PLC records 10% growth in profit in 2021

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

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    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

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    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

    Take control of financing on the continent – Ofori-Atta to AfDB

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‘Low Property Rate not a ploy to protect the rich’ – Finance Minister

bycitibusinessnews
July 28, 2020
in Local Economy, Top Stories
Finance Minister, Ken Ofori-Atta.

Finance Minister, Ken Ofori-Atta.

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Finance Minister, Ken Ofori-Atta, has debunked suggestions that government has not considered the Property Tax Regime as a critical area for revenue generation as a deliberate strategy to protect the middle class.

The Minister, who spoke on Point of View on Citi TV, said government is interested in all taxes, and is working to rake in the right revenue for the state.

Property taxes, otherwise known in Ghana as property rate, paid on immovable property, is collected annually under the auspices of the Ghana Revenue Authority, GRA.

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In Ghana, property tax is levied annually by local authorities on the estimated value of the property, depending on the classification of the area where the property is located.

The rates range from 0.5 percent to 3 percent. There are also different types of property tax, namely: property rates, ground rates and the actual property tax.

Experts in Ghana’s real estate industry have often called for a review of Ghana’s property rate to help rake in the needed revenue for the state.

They have complained about the current regime where owners of multi-million dollar properties are made to pay property tax of about GHS 2, 000 annually, whereas elsewhere, property owners pay much higher amounts for similar property.

They have thus called for a system that will empower and equip special officers at the various Metropolitan, Municipal and District Assemblies across the country to effectively collect the appropriate property rates for the state.

Following the presentation of the 2020 Mid-year budget review, some have expressed concern about government’s silence on taxation, and how it intends to fund its various programmes amidst the COVD-19 pandemic without adequate domestic taxes.

Speaking on the opportunities that exist within the property rate regime, the Finance Minister said government is working on raking in the right revenue from that sector.

“I am not sure all that we have done has been to the benefit of the middle class or wealthy people. I am not going to let people go off because they are wealthy, I need that money. I will get it done in a hurry” he assured.

The Finance Minister says government will fund its ambitious GHS100 billion Ghana CARES programme and other initiatives through Foreign Direct Investments and Private Public Partnerships.

He added that government is seeking to introduce a policy that will ensure that funds are first sourced locally for domestic projects before external sources are considered.

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