Category: News
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Ambitious 2019 revenue less achievable – IFS
The Institute of Fiscal Studies (IFS) has expressed fears over the government’s ability to meet its revenue projection for next year [2019]. The think tank argues that the government will have to work to attract a lot more people to pay taxes if it is to meet the set targets. The concerns raised by the…
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Government starts reform works at GRA
Reform works at the Ghana Revenue Authority (GRA) to improve revenue collection by the facility has begun. The Finance Minister in the 2019 budget announced that the GRA will undergo some reforms to ensure the authority works effectively. The GRA has for several years failed to meet revenue targets. In 2017, the GRA collected GH¢32.4billion…
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High taxes on small scale mining could cause smuggling—Group
The Association of Small Scale Miners is warning that government risks losing millions of cedis if taxes placed on activities of small scale miners are high. The association argues that high taxes could lead to smuggling. The government as part of measures to track tax revenue on gold exports, has moved the collection point for…
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Contaminated Chinese drugs will not enter Ghana—Customs
The Ghana customs has allayed fears of possible circulation of contaminated medicine on the Ghanaian market. An alert sent by the Customs Division warned security agencies to look out for drugs and capsules contaminated with human remains. The drugs which were from China were seized by the Border Control Officers of South Korea. A memo…
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We’ll resolve BoG, Communication Ministry impasse over MoMo monitoring – Ofori-Atta
Finance Minister, Ken Ofori-Atta says the seeming impasse between the Bank of Ghana and the Ministry of Finance over the monitoring of mobile money transactions will be resolved soon. Speaking on Point of View on Citi TV, Ofori-Atta said going forward, the Ghana Revenue Authority will come out with ways of gathering such information. He…
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Ghana will not be affected by China oil import cut—ACEP
The Africa Center for Energy Policy (ACEP) is confident Ghana will not be negatively affected by China’s recent decision to cut its imports of oil from West Africa. China recently took the decision to cut imports of West African oil to the lowest in seven months in November, due to an increase in the cost…
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Ghana’s tax laws unfavorable to local companies—Tax consultant
According to them, the country has not benefited much from such a regime as lot of companies who are given the incentives are multinationals who mostly repatriate their profits to their home countries. Free Zones companies for instance enjoy up to ten years tax holiday. Speaking to Citi Business News after a 2019 post budget…
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Delay in policy implementation causing revenue shortfall—Ofori-Atta
The Finance Minister, Ken Ofori Atta has attributed the shortfall in revenue despite new tax measures to the delay in enforcing the tax policies. He is however anticipating that the government should be able to improve its revenue collection going forward with the rolling out of some of the tax measures in the 2019 budget.…
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Forex Bureau operators defy BoG directives to check ID cards of customers
Forex Bureau operators are yet to comply with a directive by the Bank of Ghana asking them to check identity cards of customers before doing business with them and also issue receipts for every transaction. The BoG three weeks ago served notice to Forex Bureau operators that it was going to reinforce the directives as…
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Aviation Ministry reviews cost of aviation fuel
The Minister of Aviation, Joseph Kofi Adda has disclosed to Citi Business News his outfit is reviewing the cost of aviation fuel in Ghana as it works to ease the cost of doing business for airline operators. The outcome of the review is expected to be forwarded to the Finance Ministry for further action which…