Tag: TAXES
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#CitiBusinessFestival: MTN’s Richard Densu gives tips on ‘new tools for the post-covid workspace’
Senior manager in charge of enterprise for MTN and MTN Business, Richard Densu touched on the new tools for the post-Covid workspace on the Citi Business Festival on-air series on Thursday, June 9, 2022. He noted that as businesses adopt technologies that allow their employees to work remotely as part of the digitization efforts, it…
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We’ll introduce more strategies to rake in revenue in 2022 budget – Charles Adu Boahen
Minister of State at the Ministry of Finance, Charles Adu Boahen has hinted that government will use the 2022 budget to introduce more policies and strategies to rake in more revenue and widen the tax net. According to him, this forms part of efforts to facilitate effective and efficient mobilisation of taxes in the country.…
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Honour your tax obligations – Nana Addo cautions lawyers and business professionals
President Nana Akufo-Addo has charged members of the legal fraternity to honour their tax obligations or face the rigours of the law. This comes barely a month after the Ghana Revenue Authority (GRA) disclosed that over 60,000 business professionals have been evading tax, per an exercise conducted. Speaking at the Ghana Bar Conference in the…
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#CitiBusinessFestival: MSMEs exempted from taxes must still file returns – Ali-Nakyea
A Senior Lecturer at the University of Ghana Law School, Dr. Abdallah Ali-Nakyea, has advised Micro Small and Medium Enterprises (MSMEs) to file annual returns on their income to the Registrar General’s Department even when exempted from paying taxes. MSMEs are required to pay taxes to facilitate development initiatives, but young entrepreneurs [less than 35…
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Poor people will suffer most from newly-proposed taxes – Joe Jackson
Economist Joe Jackson is concerned that Ghanaians at the lower level of the economic ladder will be the worst hit by the government’s proposed new taxes and levies. He said while the taxes apply to every Ghanaian, they will come out as very harsh to the poor since the majority of them use consumables and…
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Twenty out of 24 banks in Ghana paid GRA GHS1.6 billion as corporate tax in 2019
Twenty (20) out of the twenty (24) banks licensed in Ghana by Bank of Ghana in 2019, paid a total direct tax of GHS1.6 billion, which also include the five per cent national fiscal stabilization levy to Ghana Revenue Authority (GRA), the agency mandated by law to assess collect and account for tax revenue on…
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Joe Jackson laments “deafening silence” on taxation in 2020 Mid-year budget
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, says government’s silence on taxation during the 2020 Mid-year budget review presentation is worrying. According to the Finance Minister, the double shock of the pandemic and a global economic recession, have resulted in a revenue shortfall of GH¢13.6 billion and unexpected but necessary…
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Widen tax net to make up for oil revenue shortfalls in mid-year budget – COPEC to Gov’t
The Chamber of Petroleum Consumers Ghana, COPEC, says government would have to be more serious about broadening the tax net especially by capturing the informal sector if it hopes to make up for the revenue shortfalls created by fallen crude oil prices. According to COPEC, the COVID-19 pandemic has presented an opportunity for government to…
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No need to raise taxes in Mid-year budget; collection must improve – Tax Analyst
A Tax Analyst, Timore Francis Boi, has said there will be no justification for government to introduce new taxes or increase existing tax rates in the mid-year budget statement scheduled to be delivered in July. He says government must rather restructure the tax system to improve collection from areas that have been neglected for long,…
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How major tech companies exploit tax laws: a focus on Ghana and Nigeria
When World Trade Organisation (WTO) officials designed the territorial taxing rights back in the 1920s, not many people imagined that a century later; these guidelines would still underpin the international tax system. Today, highly digitalised companies such as Facebook and Google are able to operate internationally from their tax havens, making billions while paying very…