The Ghana Revenue Authority (GRA) has issued a call to action for Ghanaians to collaborate with the authority in identifying tax evaders who hinder the country's economic progress.
During a UK-Ghana Chamber of Commerce (UKGCC) webinar with PwC Ghana on “Tax Updates in Ghana’s 2024 Budget”, Dominic Naab, Assistant Commissioner at the Commissioner General’s Secretariat, emphasized the need for citizens to expose individuals concealing income and avoiding tax payments. He highlighted that such actions undermine economic development.
Related To This: "Companies That Fail To Pay Taxes Will Be Liquidated Without Hesitation" - GRA
To incentivize public participation in revenue mobilization efforts, Mr. Naab introduced an "Informants’ Award" for those providing information leading to tax recovery. He urged the public to make use of this award.
Mr. Naab reiterated GRA's commitment to robust revenue mobilization in 2024, emphasizing the importance of cooperation from the public. He encouraged business owners to adhere to tax laws and engage with GRA to address any tax-related concerns.
The 2024 Budget includes various revenue measures such as expanding Gross Gaming Revenue coverage, implementing a 10% Withholding tax on lottery/gaming, reviewing selected VAT exemptions, introducing Emissions Tax on industrial and vehicle emissions, and rolling out the second phase of the Communications Service Tax.
Daniel Nuer, Head of the Tax Policy Unit at the Ministry of Finance, highlighted administrative measures like the Minimum Chargeable income implementation and full rollout of the second phase of the electronic invoicing system (EVAT) this year.
Additionally, tax reliefs have been introduced to support local industries, including import duty waivers on agricultural machinery and VAT exemptions on commercial electric buses and locally manufactured sanitary towels. Mr. Nuer extended VAT zero rates for locally manufactured vehicles and textiles for two more years.
To incentivize public participation in revenue mobilization efforts, Mr. Naab introduced an "Informants’ Award" for those providing information leading to tax recovery. He urged the public to make use of this award.
Mr. Naab reiterated GRA's commitment to robust revenue mobilization in 2024, emphasizing the importance of cooperation from the public. He encouraged business owners to adhere to tax laws and engage with GRA to address any tax-related concerns.
The 2024 Budget includes various revenue measures such as expanding Gross Gaming Revenue coverage, implementing a 10% Withholding tax on lottery/gaming, reviewing selected VAT exemptions, introducing Emissions Tax on industrial and vehicle emissions, and rolling out the second phase of the Communications Service Tax.
Daniel Nuer, Head of the Tax Policy Unit at the Ministry of Finance, highlighted administrative measures like the Minimum Chargeable income implementation and full rollout of the second phase of the electronic invoicing system (EVAT) this year.
Additionally, tax reliefs have been introduced to support local industries, including import duty waivers on agricultural machinery and VAT exemptions on commercial electric buses and locally manufactured sanitary towels. Mr. Nuer extended VAT zero rates for locally manufactured vehicles and textiles for two more years.
Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe
Mr. Nuer urged participants to review the 2024 – 2027 Medium Term Revenue Strategy on the Ministry of Finance’s website and stressed the importance of taxpayers following tax regulations to avoid penalties. He assured support for compliant taxpayers while emphasizing consequences for non-compliance.
Mr. Nuer urged participants to review the 2024 – 2027 Medium Term Revenue Strategy on the Ministry of Finance’s website and stressed the importance of taxpayers following tax regulations to avoid penalties. He assured support for compliant taxpayers while emphasizing consequences for non-compliance.
Expectations, Concerns, and Collaboration
Gifty Appiah, Associate Director-Tax Services at PwC Ghana, shared insights during a webinar on the taxation landscape in Ghana, highlighting the mixed sentiments of taxpayers towards the recent Budget. Businesses expressed disappointment as some found tax costs unsustainable, leading to closures, while others faced pressure to reduce profit margins for competitiveness. Uncertainty in the investor community arose from unclear timelines for implementing measures and readiness of supporting systems.
Despite taxpayer concerns, Appiah acknowledged the government's constrained fiscal situation, limiting flexibility in budgetary decisions. Daniel Nuer reassured participants of prepared systems to facilitate measure implementation.
Expanding the tax net was a focal point for Dominic Naab of the GRA, emphasizing ongoing efforts to educate and enforce tax compliance. Naab stressed the importance of public cooperation in identifying non-compliant individuals to strengthen revenue mobilization.
Laura Torgbenoo Fiagome, also from PwC, moderated the webinar, covering topics such as government fiscal policies, macroeconomic targets, emissions levy, Special Voluntary Disclosure Programme, and VAT invoice security features verification. Collaboration between taxpayers, authorities, and professionals was underscored as crucial for navigating challenges and fostering economic growth in Ghana.
Comments
Post a Comment