Tag: Tax
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Managers of Regal, Kegali Hotels arrested over Tax non-compliance
The domestic tax revenue unit of the Ghana Revenue Authority (GRA) has apprehended the managers of Regal Hotel in North Kaneshie and Kegali Hotel in Dansoman, Accra. The charges against them stem from their failure to issue Value-Added Tax (VAT) invoices to their customers, a critical requirement under tax regulations. The enforcement effort is a…
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New tax on plastic packaging in Ghana–Will this solve the problem of plastic waste?
The use of plastic materials is convenient, and it is the preferred choice by both manufacturers and consumers due to its lightweight and its ability to store and prevent food contamination but globally, the effect of plastics on the environment is devastating especially when it is improperly managed. Because Plastic packaging is typically used for…
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Ghana’s New Taxes: How businesses, owners and consumers can thrive despite the challenges
As Ghana’s economy continues to face significant challenges, the government recently introduced three new taxes – the Excise duty amendment bill 2022, the Growth and sustainability levy bill, and the income tax amendment bill 2022 – to raise revenue and meet the criteria for a $3 billion IMF programme staff-level agreement. However, these new taxes…
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Parliament passes three new taxes
Parliament has passed the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022. The financial bills presented to Parliament by the government seeks to rake in about 4 billion Ghana Cedis annually as part of domestic revenue mobilisation. The…
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Tax analyst proposes 10% levy on churches to fund National Cathedral
Tax Analyst, Francis Timore Boi is advocating for the introduction of a 10% levy on the gross revenue of churches to raise the needed funds for the construction of the National Cathedral. He maintains the move is deep-seated in the Bible which remains the guide of the Christian community. Speaking in an interview with Citi News,…
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Ghanaians to pay more for goods, services as VAT goes up 2.5% in 2023
Ghanaians will from 2023 pay more for goods and services, as government has reviewed upwards the Value Added Tax (VAT) by 2.5 percent. This was announced by the Finance Minister, Ken Ofori-Atta on Thursday when he delivered the 2023 budget statement in Parliament. The Finance Minister said this review was part of a seven-point agenda…
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Government set to announce a gradual reversal of Benchmark Value Reduction Policy
A deputy minister for Finance, Mrs Abena Osei-Asare has hinted at a pending announcement of a roadmap for a gradual reversal of the Benchmark Value Reduction Policy. The reversal of the Benchmark value reduction policy was met with stiff resistance from the trading community who threatened an astronomical hike in the price of imported goods…
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Government to begin taxing online businesses by April 2022
In a frantic effort to achieve an ambitious 80.3 billion Ghana cedis tax revenue target for the year 2022 and also attain a tax to GDP ratio of up to 16.5%, the government has initiated moves to widen the tax net and broaden the tax scope. Aside from the introduction of an electronic transfers levy…
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Mobile money association of Ghana petitions minority to reject E-levy
The Mobile Money Association of Ghana has petitioned the minority in parliament to reject the Electronic Transfer Levy. According to the association, its implementation will result in many job losses in the country. Following the controversy surrounding the levy, the government has decided to present an amended rate for the levy reducing it from 1.75…
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Government urged to review Rural Banks’ corporate tax rate
The Association of Rural Banks (ARB) has appealed to the government to review downwards the corporate tax rate of Rural and Community Banks (RCBs). Mr Kwame Owusu Sekyere, Acting National President of the Association, who made the appeal, said this would help strengthen the capacities of rural and community banks to live up to the…