Tax Archives - Wontumi Online

12 Nov

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

wontumionlineBusinessBawumia, Tax

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…

21 Mar

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

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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…

24 Oct

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

wontumionlineBusinessGRA, Sol cement, Tax

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…

16 Oct

20 Taxes And Levies Charged On Imported Food Products In Ghana

wontumionlineBusinessimported food, levies, Tax

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%…

25 Aug

Ghana’s Betting Tax: Balancing Revenue Boost And Responsible Gambling

wontumionlineSportsbetting, Betting tax, gambling, Ghana, Tax

Over the past ten years, the betting sector in Ghana has experienced remarkable expansion, attracting numerous betting firms to establish a presence in the country. As part of the government’s strategy to enhance revenue generation for developmental purposes, a new measure has been implemented as of Tuesday, August 15, 2023. This measure involves the introduction of a withholding tax set at 10% for both betting and lottery winnings. It’s important to note that this tax will not be applied to the initial amount invested in placing bets or participating in the games. Rather, it will solely be imposed on the…

22 Aug

Govt Ponders Tax Exemptions For Agricultural Inputs

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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…

18 Aug

GRA To Introduce Textile Tax Stamp

wontumionlineBusinessGRA, Kwabena Apau, Tax

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…

08 Aug

First Deputy Governor Of BoG Calls For Improved Tax Administration

wontumionlineBusinessBoG, Dr Maxwell Opoku-Afari, Tax

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…

07 Aug

‘Pay Your Taxes To Help Revive Economy’ – Kwarteng

wontumionlineBusinessKwaku Agyemang Kwarteng, Tax

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…

17 May

GRA Taskforce Arrests Managers Of Restaurants For Tax Infractions

wontumionlineBusinessGRA, Tax

The Ghana Revenue Authority (GRA) taskforce has arrested two managers of restaurants and the staff of an electrical cable company in Accra for not issuing VAT tax invoices. The companies are Waves Lounge and Pub, Chez Amis Pub and Grill, and Grand Pacific Limited, dealers in general electrical cables. The managers were taken to the Customs Office at the headquarters for their statements before being handed over to the Criminal Investigation Department of the Police. Edward Appenteng Gyamerah, Commissioner, Domestic Tax Revenue Division, GRA, said the managers had refused to issue certified VAT invoices by the Commissioner-General at the point…