Tax

I’m Your ‘Tax Messiah’ – Bawumia Promises To Rescue Businesses From Tax Trap
12 Nov

I’m Your ‘Tax Messiah’ – Bawumia Promises To Rescue Businesses From Tax Trap

Wontumi1Business,
The Vice President and Flagbearer of the NPP, Dr Mahamudu Bawumia, has reiterated his commitment to creating a friendly economic environment for businesses and the private sector to thrive and drive the transformation of the economy under his Presidency. At a special dinner last night, which brought together CEOs of companies and other key players of the private sector to interact with Presidential Candidates of the two major parties, Dr. Bawumia told the CEOs the private sector is indispensable to the growth of the economy, insisting that the economy can only thrive and enjoy sustainable growth when the private sector…
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We Are Going To Grant Tax Amnesty To All Businesses In 2025 – Bawumia
21 Mar

We Are Going To Grant Tax Amnesty To All Businesses In 2025 – Bawumia

Wontumi1Business
Vice President, Dr. Mahamudu Bawumia has assured businesses of tax amnesty in 2025 if he wins the December 2024 presidential elections. According to him, the country’s current tax structure is not fit for purpose, and he therefore wants the tax system to change. He argues it’s about time Ghana becomes competitive like other countries like Estonia. He made this known at an engagement with the Ghana National Chamber of Commerce and Industry. “In 2025, we are going to grant a tax amnesty to all businesses and individuals and start afresh. We are going to start a new system – a…
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We’re Committed To Fulfilling Our Tax Obligations – Sol Cement
24 Oct

We’re Committed To Fulfilling Our Tax Obligations – Sol Cement

Wontumi1Business, ,
Wan Heng Ghana Limited, producers of Sol Cement have assured that they are committed to fulfilling their tax obligations to the country. This follows the closure of the Chinese-owned cement manufacturing firm by officials of the Ghana Revenue Authority (GRA) for tax default amounting to more than GH¢700 million. The company was cited for the VAT infraction including corporate income tax and penalties after a tax audit by the GRA tax enforcement. It failed to pay taxes for more than two years and has been asked to settle the amount within 10 days. The company in a statement issued on…
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20 Taxes And Levies Charged On Imported Food Products In Ghana
16 Oct

20 Taxes And Levies Charged On Imported Food Products In Ghana

Wontumi1Business, , ,
Importing food products into Ghana comes with a hefty price tag, as importers face a multitude of taxes and levies that contribute to the overall cost of these essential goods. The list of charges is extensive, and when coupled with quarterly increases in utilities and substantial fees and charges by Municipal and District Chief Executives (MMDCEs), it’s no wonder that the food and beverages sector is feeling the financial strain. Here is a comprehensive breakdown of the about 20 taxes and levies that can be applied to an average imported product, substantially inflating the cost to consumers: Import Duty – 20%…
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Govt Ponders Tax Exemptions For Agricultural Inputs
22 Aug

Govt Ponders Tax Exemptions For Agricultural Inputs

Wontumi2Business
The Minister of Food and Agriculture, Bryan Acheampong, has hinted that the cabinet is currently deliberating on the possibility of granting tax exemptions for the importation of agricultural inputs. “The problem is, when prices go up, no matter what we do, our businesses are unwilling to bring prices down and that is the problem. Irrespective, I will do all I can to ensure your request is granted,” he stated during a meeting with the Peasant Farmers Association of Ghana (PFAG). At the meeting held in Accra, the two parties discussed crucial matters influencing the sector’s growth, including granting tax exemptions…
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GRA To Introduce Textile Tax Stamp
18 Aug

GRA To Introduce Textile Tax Stamp

Wontumi2Business, ,
In a related development, to bring about sanity and fairness in the local textile industry, an excise tax stamp on textiles has been introduced by the Ghana Revenue Authority. The Excise tax stamp, specially designed with digital and other security features, will be affixed on textile products to indicate taxes and duties have been paid or will pay. The textile tax stamp will control the importation and local manufacture of textiles for revenue purposes, and check tax evasion through smuggling as well as illicit trading and counterfeiting. According to the GRA, sanctions will be imposed on non-compliant traders. The Head of…
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First Deputy Governor Of BoG Calls For Improved Tax Administration
08 Aug

First Deputy Governor Of BoG Calls For Improved Tax Administration

Wontumi2Business, ,
The First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari is calling for an improved tax administration in the country. He said Ghana’s tax -to -GDP ratio is one of the lowest compared to its peers. Citing an example, Dr Opoku-Afari said the ratio of tax revenue to GDP in 2020 was 13.4 percent compared to an average of 16 percent for Africa, 19.1 percent for Asia and Pacific region, 21.9 percent for Latin America and the Caribbean region and 33.5 percent in OECD. This he indicated calls for broadening the tax base, upgrading tax policies, and revenue administration…
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‘Pay Your Taxes To Help Revive Economy’ – Kwarteng
07 Aug

‘Pay Your Taxes To Help Revive Economy’ – Kwarteng

Wontumi2Business,
The chairman of parliament’s finance committee, Kwaku Agyemang Kwarteng, has called for a renewed commitment to payment of taxes to help government overturn the current economic challenges. Although he said rationalisation of the government’s expenditure is equally important in the recovery process, he admitted that it is not enough – underscoring the need to raise more domestic revenue. The Obuasi West Member of Parliament also cautioned against granting tax exemptions to certain individuals and entities, stressing that such exemptions – in the name of investment promotion -represent a challenge; and as such do not always offer value for money. “It will not…
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You Are Ghana’s Problem- Maurice Ampaw Tells John Mahama
16 Sep

You Are Ghana’s Problem- Maurice Ampaw Tells John Mahama

Kakra NunuFeatured, News,
Ghana’s problem is John Mahama, Lawyer Maurice Ampaw has said.   After benefitting a lot from the Ghanaian taxpayer, the 2020 flagbearer for the National Democratic Congress (NDC) is rather repaying the country with troubles, Mr. Ampaw opines.   https://youtu.be/2c4i3TYoxYs Speaking on Wontumi TV, the seasoned lawyer maintained that with what Mr. Mahama has achieved in his political life, he must immediately “step aside so that other people will take over leadership role in the NDC”.  He was livid that after just 8 months that President Akufo-Addo has started forming his government in his second term, John Mahama has taken it upon himself to mount unnecessary…
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(Video) When Was The Last Time You Paid Tax? Stop Deceiving Ghanaians- Mahama Jabbed
10 May

(Video) When Was The Last Time You Paid Tax? Stop Deceiving Ghanaians- Mahama Jabbed

Kakra NunuFeatured, News, , , ,
John Mahama has been advised by the Bobo Regional Chairman for the New Patriotic Party to stop deceiving Ghanaians on the issue of tax since there is no available record to show the last time he paid some. Former president, John Dramani Mahama has chastised the government for introducing new taxes in the country. Mr. Mahama, in a statement on workers’ day, urged the government to ensure a stable supply of power and water. “Incidentally, an increase in existing taxes & introduction of new ones, and which take effect from today, May Day, is leading to steep rises in the…
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