Category: Banking And Finance
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Tax analyst breaks down VAT recalibration
Tax Analyst with Ali Nakyea and Associates, William Demitia has attempted to break down the meaning of the VAT recalibration announced in the Mid-Year Budget Review and its implications on prices of goods and services. Also, Mr. Demitia has provided an analysis of how government intends to increase revenue through this policy. The Finance Minister,…
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Gov’t misses 2018 half year revenue target
Finance Minister, Ken Ofori-Atta has disclosed that government missed its revenue target by 1.4 billion cedis for the first five months of the year. According to Mr. Ofori-Atta, the development has called for a revision to the fiscal framework and outlook to achieve the government’s fiscal objectives and targets. According to the finance minister, government…
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VAT rate increased in disguise; don’t jubilate yet – Terkper
Former Finance Minister, Seth Tekper, has urged businesses in the country not to rejoice over the 2018 mid-year budget review which supposedly tried not to increase VAT across board. According to Terkper, the budget review with regards to separating NHIL and GETFund levies from the 17.5% flat VAT rate is actually a VAT increase in disguise.…
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We’ll prosecute tax evaders – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has reiterated the government’s resolve to improve the country’s tax-collection regime and thereby increase revenue by intensifying tax compliance and plugging current revenue leakages. The Finance Minister indicated that the government’s internal investigations revealed that there are “inbound leakages on goods arriving in the country” and this is affecting the…
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Gov’t to levy NHIL, GETFund separately
The government is set to separate the Health Insurance Fund Levy and the GETFund component from the Value Added Tax (VAT). These two components will now have straight levies of 2.5 percent. “Both the Health Insurance Fund and the GETFund levies will continue to be 2.5 percent each, while the applicable VAT rate is 12.5…
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Gov’t imposes 35% tax on income earners above GHS10,000
As part of measures to raise more revenue to meet its revenue target for the 2018 fiscal year, government has revealed that it will introduce a new tax known as the high net worth income tax. In line with the new tax, government will charge 35 percent on incomes that are over GHC 10,000. Presenting…
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Finance Minister presents Mid Year Budget Review today
As Ghanaians prepare to listen to the Finance Minister later this morning on the Mid Year Budget Review, one major sector that observers are looking out for is how the numerous agricultural initiatives announced in the 2018 budget are faring so far. According to government, it introduced these projects in the 2018 budget to improve…
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BoG committee assesses Ghana’s economy from today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today (Wednesday) start its quarterly meetings to review the health of the economy. The committee will also assess the impact of major economic policies introduced by the central bank to stabilize the economy. On top of the agenda are likely to be the depreciation…
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No trading in adb shares for three days
From today, July 17, 2018, investment brokers and other parties interested in the trading of shares of ADB, cannot engage in the service. It follows the suspension of trading activities of ADB by the managers of the Ghana Stock Exchange for three days. The Managing Director of the Ghana Stock Exchange, Kofi Yamoah disclosed this…
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GN, Sahel and Premium banks to merge ?
Citi Business News has gathered three local banks Premium, GN and Sahel Sahara banks have agreed to merge. The move follows the Bank of Ghana’s directive for all banks to meet the minimum capital requirement of 400 million cedis this year (2018). Citi Business News has learnt the three banks commenced merger talks this year…