Tag: VAT
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GRA fights off claims of harassing traders; calls for cooperation
The Ghana Revenue Authority (GRA) has appealed to the business community to collaborate with its taskforce as the Authority moves to engage leadership of traders to address concerns over the collection of taxes. This comes on the back of a warning by the Ghana Union of Traders Association (GUTA), against the GRA over allegations of…
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Government slaps 21% VAT on Facebook advertisement from August 1
Government has imposed a 21 percent VAT on advertisement on social media platform, Facebook. The newly introduced charge takes effect from August 1, 2023, and applies to both business and personal advertisements. This was announced today by Meta, the parent company of Facebook. By this, all advertisers with a business country of Ghana will be…
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Re-consider computation of VAT for local industries- AGI tells govt
Government is being urged to reconsider its current calculation of Value Added Tax (VAT) on indigenous companies whose annual revenue exceed GHS 500,000 per annum to reduce the economic burden on local industries. According to the Association of Ghana Industries per the current calculations of VAT of 15% and the summation of the COVID levy,…
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Register for VAT or face additional 12.5% charges – GRA to importers
The Ghana Revenue Authority (GRA) has issued a stern warning to importers who are eligible to register for Value Added Tax (VAT) but have failed to do so. Effective June 6, 2023, these importers will face an additional charge of 12.5% on the customs value of taxable goods they import. This development comes in light…
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GUTA calls for total reform in VAT implementation
The Ghana Union of Traders Association (GUTA) has called for a total reform in the implementation of the Value Added Tax (VAT) to enhance compliance. GATU’s call follows the implementation of the increase in the VAT rate from 12.5% to 15% effective January 1, 2023. Finance Minister, Ken Ofori-Atta had indicated that the increase is…
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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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Thirteen companies sue GRA and Cocobod over payment of VAT
Some thirteen Agricultural companies including Kuapa Cocoa and Olam Ghana and CDH Commodities, have sued the Ghana Revenue Authority and its Commissioner-General, as well as the Ghana COCOBOD and its CEO, over what they say is an imposition of Valued Added Tax (VAT) on them. The companies in their writ to the court say they…
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GRA staff adopts ‘name & shame’ strategy to bridge revenue gap
The continuous drop in revenue collection by the Ghana Revenue Authority is to be tackled through a new program being spearheaded by the Authority, known as “operation collect, name and shame”. The exercise will involve the publication of the names of individuals and organisations that have and continue to default in their tax obligations to…
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Telecoms Chamber to engage gov’t over increased tariffs
The Chamber of Telecommunications has said it is open to further discussions with the government over the imposition of taxes on operations of its members. This follows the increase in telecom service tariffs after the recalibration of the Value Added Tax (VAT). The midyear budget review saw the separation of the 5 percent GETFund and…
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Telcos increase tariffs over new NHIL, GETFund levies
Consumers are to pay more for telecom services starting November 1, 2018. It follows a decision by telecommunication companies, AirtelTigo, MTN and Vodafone to adjust their tariffs. The review of the tariffs was announced in a statement issued by the Ghana Chamber of Telecommunications. The Chamber says the upward adjustment of charges follows the implementation…