Tag: VAT
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GH¢20 bn VAT target to thrive on compliance – Analyst
Some Tax Analysts have tasked government to enforce the compliance of payment of VAT if it is to double VAT collection. Their sentiment comes at the back of government’s plans to double VAT collection from 10 billion cedis to over 20 billion cedis. Ahead of government’s preparation towards the 2019 budget in November 2018, Finance…
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Govt to raise GH¢300m from tax on luxury vehicles
The government is to rake in at least 300 million cedis in revenue from taxes on luxury vehicles by the end of this year. The tax, which forms part of the new policy measures introduced in the midyear budget review, is to help bridge the gap in revenue for the first half of the year…
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Parliament passes Bills for NHIL, GETFund levies
Parliament has passed the four tax amendments to reflect the reality of government policy as announced in the Mid-Year Budget Review. The Bills are the Ghana Education Trust Fund (GETFund) Amendment Bill, The National Health Insurance Levy (NHIL) Amendment Bill, The Income Tax Amendment Bill and the Value Added Tax Amendment Bill. A final Bill, the…
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New law to track VAT electronically in the offing
Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their…
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Accra Mall escapes closure over taxes
But for the quick intervention of operators of the Accra Mall, the Ghana Revenue Authority (GRA) would have shut down the mall on Wednesday morning over its failure to pay taxes. The Ghana Revenue Authority embarked on a distress order to retrieve about 2 million cedis in tax arrears from the management of the Accra…
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GUTA threatens tax evasion over unresolved challenges
The Ghana Union of Traders Association (GUTA) is demanding that government intervenes and solves all their concerns bordering on high charges and foreign invasion in the retail trade. GUTA argues that their concerns if unchecked, will bring local retail trade business on its knees. As part of protests against the development, the traders’ association is…
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GUTA’s support for 3% VAT compromising – Importers
Business Associations protesting the implementation of the 3% VAT Flat rate scheme are skeptical of a positive outcome for the appeals to get the tax scrapped. They contend that the apparent support by the Ghana Union Traders Association (GUTA) for the VAT could limit the chances of getting their grievances addressed. Business Associations comprising the…
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3% VAT will simplify tax system – Ken Ofori Atta
Finance Minister Ken Ofori Atta has pledged that government would work with stakeholders in the economy for a clearer understanding on how the VAT Flat Rate Scheme functions. According to him, the rationale behind the policy is geared towards simplifying the tax system and does not impose double or cascading tax. The implementation of the…
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Cancel deferment of Amended VAT implementation – Parliament to GRA
Parliament has asked the Finance Ministry and the Ghana Revenue Authority (GRA) to halt the suspension of the implementation of the Amended 3% VAT for local businesses. It follows an acceptance by the House for the two entities to meet over the implementation of the amended tax. The 1st Deputy Speaker, Joseph Osei Wusu who…
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Scrap VAT on real estate, financial services, import levies, et al – Analyst
A tax consultant, Eric Amponsah Boateng has outlined four key taxes he wants the government to scrap in its first budget. They include the 5% VAT on real estate, import levy, fiscal stabilization levy and the 17.5% VAT on financial services. Speaking ahead of the presentation by Finance Minister Ken Ofori Atta this morning, Mr.…