Tag: Ghana Business News
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Over 200 new products affected by CET
Photographers, non-alcoholic beer importers and as well as vehicle owners will from March 1, 2018 be affected by the ECOWAS Common External tariff (CET). This means importers of such goods will be made to pay approved tariffs at the ports before being allowed to clear their goods. The move follows a review of the Harmonisation…
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Government hits businesses with new tax policies (Audio)
Businesses should be ready to comply with the Government with its new tax implementation initiatives for the rest of this year – 2018. This is because some new tax policies are set for implementation beginning next month; March. The two new tax policies to be rolled out are the excise tax stamp and the Harmonised ECOWAS…
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Enforcing TIN: Defaulters to be denied key services
Effective April 1, 2018, banks, the Passport Office, the DVLA, the Registrar General’s Department, among other offices will not transact business with any individual who does not have a Tax Identification Number (TIN). This is because the Ghana Revenue Authority (GRA) will be enforcing the implementation of the policy from April to allow taxpayers comply…
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Bitcoins, Altcoins, Ponzi Schemes (Article)
Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not…
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Political interference threatens future of Ghana’s cocoa
Ghana’s cocoa sector risks a dip if the country fails to address the politicization of the sector. According to the International Food Policy Research Institute (IFPRI), the issue has affected the growth of the cocoa sector as politicians have over the years, used cocoa’s prospects to their gain. The warning also comes at a time…
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First Atlantic Bank secures new investment to increase capital
First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana,…
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New law to track VAT electronically in the offing
Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their…
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Gov’t fails to yield to pressure over tax stamp
Businesses who fail to comply with the implementation of the Excise Tax Stamp by 1st March, 2017, will have their goods seized and subsequently dealt with by the law. This is the indication from a Deputy Finance Minister, Kweku Kwarteng. He argues that government can no longer hold back the implementation of the Excise Tax…
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PFMA to tame excess borrowing – Economist
Some Economists have told Citi Business News they expect the Public Financial Management Act (PFMA) to restrict government’s future borrowing to specific needs. According to Lecturer at the University of Ghana Business School, Dr. Lord Mensah, this should regulate spending and avoid budget overruns. The comment follows the formulation of regulations to guide the implementation…
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Ivory Finance pursues cash from SIC Insurance
Ivory Finance has told Citi Business News it still stands by its case of being owed by SIC Insurance in a breach of contract in a credit guarantee case currently before the court. The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit…