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Gov’t misses 2018 half year revenue target  

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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 had planned to raise 18.8 ...

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VAT rate increased in disguise; don’t jubilate yet – Terkper

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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. “Ghana’s VAT rate is 17.5 ...

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We’ll prosecute tax evaders – Ofori-Atta 

Finance Minister, Ken 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 revenue performance of the country. ...

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Gov’t to levy NHIL, GETFund separately

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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 percent,” the Finance Minister, Ken ...

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Gov’t imposes 35% tax on income earners above GHS10,000

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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 the 2018 mid-year budget review ...

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Gov’t imposes new tax on luxury vehicles  

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Government is set to introduce a new levy on luxury vehicles with engine capacities of 3.0 litres and above. This imposition of the new  levy will be known as a luxury vehicle tax. The levy, according to government will be paid on first registration and subsequently annually during renewal. This was made known by the Finance Minister Ken Ofori Atta ...

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Gov’t conducts forensic audit on foreign companies evading taxes

Finance Minister, Ken Ofori-Atta

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. Delivering the 2018 Mid Year ...

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Afb increases bond to GHS 300m

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To support the inclusive finance entity’s ongoing expansion strategy, Afb Ghana has increased its bond issue by two thirds, to total GH¢300 million. Afb’s bonds have managed to secure a solid rating for the last year thanks to Afb’s solid track record and positive business potential for the medium term. Global Credit Rating attributes the positive rating track record to ...

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Mixed reactions meet taxes on luxury vehicles (Audio)

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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 a 10 percent tax on ...

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Finance Minister presents Mid Year Budget Review today

Finance Minister, Ken Ofori-Atta

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 food security and promote sustainable ...

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