Tag: GRA
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GRA apprehends eight retail shops over tax default
Eight retail shops and restaurant managers have been apprehended by the domestic tax division taskforce of the Ghana Revenue Authority (GRA) for their deliberate failure to issue VAT invoices to customers. The arrests add to a total of 93 individuals currently being investigated and prosecuted. The taskforce conducted a targeted operation in East Legon and…
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GRA to begin implementing 3 new taxes today
The Ghana Revenue Authority (GRA) will from today implement the new and revised taxes, which were introduced in the 2023 Budget, will be May 1, 2023. The GRA issued a notice stating that businesses have had sufficient time to configure their systems for the taxes since the laws were passed. The new and revised taxes…
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GRA set to implement 3 new taxes on May 1
The Ghana Revenue Authority (GRA) has announced that the implementation date for the new and revised taxes, which were introduced in the 2023 Budget, will be May 1, 2023. The GRA issued a notice stating that businesses have had sufficient time to configure their systems for the taxes since the laws were passed. The new…
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ECG negotiates with GRA to offset ¢600m tax obligation
The Electricity Company of Ghana (ECG) is negotiating with the Ghana Revenue Authority (GRA) to offset about GH₵600 million of its tax obligations to the state. The company intends to write off the debt of some “sensitive” public sector institutions that have accumulated over the years Mr. Samuel Dubik Mahama, the Managing Director, ECG, who…
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GRA reiterates calls for businesses to embrace E-VAT
The Ghana Revenue Authority (GRA) has reiterated calls for business operators to embrace the E-VAT system to help government rake in more revenue as part of efforts to address the economic challenges that confronts the country. The Authority explains that the piloting stages of the E-VAT system has been successful thus the need to onboard…
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GRA generates over GH¢178bn between 2020 and 2022
The Ghana Revenue Authority (GRA) has mobilised over GH¢178 billion in domestic revenue, exceeding revenue targets by GH¢6.5 billion over a three-year period. With a combined target of GH¢171.66 billion, the Authority was able to generate GH¢ 178.16 billion between 2020 and 2022. This includes revised targets of GH¢42.7 billion, GH¢57.02 billion and GH¢71.94 billion…
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GRA reverses 30% discount on imported goods, vehicles effective January 1
The Ghana Revenue Authority (GRA) has announced the reversal of 30% discount on import values of general goods and 10% discount on Home Delivery Value of vehicles effective January 1, 2023. The reversal according to GRA follows the government’s 2023 budget statement and economic policy. In a statement issued by the GRA, it said, “following…
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Implementation of textile tax stamp policy will reduce importation – Alan Kyerematen
The Minister of Trade and Industry, Alan Kyerematen has stated that the introduction of the textile tax stamps policy will boost local production. According to him, the stamps will certify the legitimacy of textiles produced, imported and retailed in the country, thereby addressing revenue mobilisation challenges and profitability of the sector. Speaking at the launch…
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GRA to prosecute business owners who fail to issue VAT invoices
The Ghana Revenue Authority has given the strongest indication that it will in the coming days arrest and prosecute business owners who do not issue Value Added Tax (VAT) invoices to customers. The move which is in line with the Authority’s mandate to improve voluntary compliance is also part of a larger goal to help…
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Association of Ghana Industries pushes for discounts on imports of raw materials
The Association of Ghana Industries (AGI) is pushing for a special discount on imports of raw materials to make producers more competitive in the country. According to the Association, the move is aimed at helping government build a strong manufacturing sector and aid manufacturers thrive under the African Continental Free Trade Area. The Chief Executive…