Tag: taxation
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Tax analyst urges operationalization of tax appeals board
Tax analyst Francis Timore Boi has voiced serious concerns about the non-operationalization of the tax appeal board. He emphasizes the pivotal role an efficient tax board plays in promoting equitable tax assessments and fortifying the government’s revenue collection endeavors. In an exclusive interview with Citi Business News, Francis Timore Boi urgently appealed to authorities to…
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Francis Timore Boi writes: All you need to know about tax on lottery and gambling
The inclusion of lottery or gambling income as taxable income is strongly influenced by a country’s choice of tax system. For those countries with worldwide tax system, gambling winnings are in principle, subject to tax whether they arise from windfall (occasional transactions) or from a professional gambler. When tax is imposed on gambling and lottery,…
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1st Deputy BoG Governor proposes strategies to propel economic recovery
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has prescribed a number of remedies to aid the recovery of the local economy following the Covid-19 pandemic. Addressing a public lecture organised by the University of Ghana Business School Under the theme, “Re-Thinking Development Finance: Macroeconomic Management When The Love is Gone,”…
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Economists back calls by IMF for gov’t to prioritize progressive revenue mobilizations
Some economists have backed calls by the International Monetary Fund (IMF) for government to prioritize progressive revenue generation. According to them this will ensure that the rich in our society are made to pay taxes and levies which are commensurate with the value of their assets as well as their income. The International Monetary Fund…
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#CitiBusinessFestival: Tax Analyst urges Gov’t to waive interest payment on deferred taxes
Businesses that have been struggling as a result of the impact of the novel Coronavirus can appeal to government to amend the law that allows the payment of interest on deferred taxes. That’s according to Tax Analyst, Dr. Abdallah Ali Nakyea. Speaking on the topic, ‘Compliance in Abnormal Times’ on the third day of the…
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#CitiBusinessFestival: Tax analyst urges compliant businesses to apply for tax reliefs
Tax Analyst, Dr. Abdallah Ali Nakyea, says businesses that want to benefit from government’s available tax incentives should ensure they comply with all the necessary requirements by law. The Ghana Revenue Authority has reviewed the due dates for the filing of tax returns and payments of same to cushion businesses from the impact of the…
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Frequent changes to tax laws worrying – Economist
Ahead of the 2020 budget presentation next week, Economist Dr. Lord Mensah has expressed concern about the frequent changes made to the country’s tax laws. According to him, such changes could ward off investors who might find them bad for long-term business planning. The current Finance Minister in an attempt to create a conducive environment…
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Political will coupled with more tax revenue needed for fiscal stability — Economist
Ahead of election 2020, some key stakeholders in the economy have reiterated the need for political commitment to ensure Fiscal discipline (i.e an ideal balance between revenues and expenditure of government) in the short to medium-term. A key step to ensure such discipline came in the Fiscal Responsibility Act which was assented to by President…
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![[Article] Impacts of fuel price hikes on the economy](https://citibusinessnews.com/wp-content/uploads/2019/07/petrol_pump.jpg)
[Article] Impacts of fuel price hikes on the economy
The speculation that government was once more going to increase taxes on fuels during the 2019 mid-year budget review contrary to public expectations has been confirmed. Therefore, in the coming days, consumers of petroleum products in the country will be paying more at the pumps as government announces increment in the energy sector levy to…
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Increase tax on profitable and more resourceful businesses – IEA
The Institute of Economic Affairs (IEA) on Tuesday said the government should have imposed more taxes on profitable and resourceful businesses rather than sparing them in the mid-year budget review. The Institute said the Minister would be more successful in raising revenue to fund the expenditure needs if the tax increases were directed at the…