Category: Business
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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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Gov’t conducts forensic audit on foreign companies evading taxes
Finance Minister, Ken Ofori-Atta has disclosed that experts have been contracted to work alongside the Ghana Revenue Authority (GRA) to conduct forensic audits of companies in priority sectors and undertake audits of multinational enterprises. The move according to him is aimed at reshaping transactions that result in the nation losing huge monies from multinational companies.…
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Mixed reactions meet taxes on luxury vehicles (Audio)
Car owners and importers of vehicles in the country are divided on the possible introduction of a customs tax on luxury vehicles. The Minority in Parliament earlier this week launched a scathing attack on the Akufo Addo administration describing it as an insensitive government, for planning to introduce new taxes and increase existing ones, including…
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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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Kosmos wins $14m in court case against Tullow
A panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has ruled in favour of Kosmos Energy Ghana in relation to its dispute with Tullow Ghana Limited over the West Leo Rig. This was announced in a statement released by Tullow Oil. In this regard, Tullow Oil is to reimburse Kosmos…
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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…
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Only 60 percent of vehicles are insured–NIC
The National Insurance Commission has told Citi Business News it will by the end of 2018, establish a digital system in collaboration with the DVLA to ensure that all vehicles are insured. This follows an announcement by the National Insurance Commission (NIC) that only 60 percent of cars on Ghana’s roads are insured. Speaking on…