Tag: GRA
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Nine member GRA Board inaugurated
The Minister of Finance, Ken Ofori Atta has inaugurated a nine member board for the Ghana Revenue Authority (GRA). The Board is chaired by Mr. Harry Owusu with the Commissioner General of the Ghana Revenue Authority, Emmanuel Kofi Nti, Deputy Trade Minister, Carlos Ahenkorah and the First Deputy Governor of the Bank of Ghana, Mr.…
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Ghana’s telecom industry over taxed – Vodafone CEO
The CEO of Vodafone Ghana Madam Yolanda Cuba has expressed worry over the huge number of taxes being slapped on the telecom industry. She believes the situation has contributed to the industry’s current woes. ”It is an industry that is quite heavily taxed. We are taxed on top line, about three or four taxes that…
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NDC strategy collapsed IMF program – Kwaku Kwarteng
A Deputy Finance Minister, Kwaku Kwarteng, has blamed the past NDC government for what he says is the failure of the economic assistance program with the International Monetary Fund (IMF) to address Ghana’s economic challenges. According to him, the strategy adopted by the past government was not an appropriate means to ending the prevailing economic…
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Govt pursues abuse of tax exemptions to reduce revenue losses
Finance Minister, Ken Ofori Atta has disclosed of plans to pursue institutions and companies that abuse exemptions in the country. The position has been necessitated by plans to protect the public purse and curb fiscal slippages that the economy has been facing for sometime now. According to him, the value of exemptions had increased from…
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Illegal fuel importers cost GH¢850m loss annually – NPA
The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the…
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Finance Ministry defends new tax exemption rules
Despite the increased number of concerns for government to restructure the tax exemption directive for importers, Deputy Finance Minister, Kwaku Kwarteng has stressed that his outfit will not revert the decision of implementing the move. According to him, the reversal will only bring back the numerous illegal acts at the ports. Importers and exporters called…
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GRA Customs rakes in GH¢2.7 bn in 2017 1st quarter
The Customs division of the Ghana Revenue Authority (GRA) has raked in an estimated 2.7 billion cedis for the first quarter of 2017, Finance Minister Ken Ofori Atta has revealed. This represents 19.23 percent collection of its total 2017 revenue target of about 14 billion cedis. By this, the Customs division is anticipating a revenue collection…
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Scrapped 1% special import levy takes full force
Effective Friday (March 31, 2017), importers of products affected by the 1 percent special import levy will no longer pay any of such charges. It comes on the back of the implementation of the tax cuts announced in the 2017 budget. A statement from the Ghana Revenue Authority (GRA) therefore directed the various customs and…
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Goldfields pays 0.5 billion cedis in taxes for 2016
Goldfields Ghana Limited has emerged as the largest taxpayer for the government of Ghana in 2016. The mining firm paid 501 million cedis (0.5 billion cedis) in direct and indirect taxes to the Ghana Revenue Authority (GRA). Of the amount, Royalties accounted for the highest. The company paid 196 million cedis in Royalties representing 39.12…
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GRA hopeful to meet ambitious GH¢34 bn 2017 target
The Ghana Revenue Authority (GRA) is confident of meeting its ambitious revenue target of 34 billion cedis by the end of this year. This comes despite the one billion cedis value of all the tax cuts announced in the 2017 budget. “We are hopeful that in 2017, though it is challenging, we have to make…