Taxing foreign incomes of Ghanaians: GRA clarifies decision
The Ghana Revenue Authority (GRA) has provided further insight into its decision to levy taxes on the foreign incomes of resident Ghanaians, citing the Tax Act 2015 (Act 896) as the legal basis for its action.
In a statement issued on Monday, 22 April 2024, the GRA defended its stance, shedding light on the rationale behind the move.
The decision, announced by the government on Monday, 15 April 2024, was presented as an alternative measure to address the revenue gap created by the suspension of the Value Added Tax (VAT) on electricity, estimated at around GH¢1.8 billion.
According to the GRA, individuals falling under the category of residents for tax purposes include citizens who possess a permanent abode in Ghana and have a continuous presence in the country throughout the fiscal year.
Also, individuals spending at least 183 days within Ghana in any 12 months commencing or concluding within the year are also considered residents.
This designation extends to government employees or officials stationed abroad, among others.
Meanwhile, the GRA has initiated measures to facilitate compliance.
“To facilitate easier declaration and payment of taxes for resident individuals to report undisclosed incomes, the GRA has opened a special window for taxpayers to rectify their records,” the statement emphasised.
It added: “All eligible individuals are strongly encouraged to utilize this opportunity to regularise their tax affairs.”
Source: classfmonline.com/Elikem Adiku
Trending News
Zoomlion: Dr Siaw Agyepong dedicates successes of conglomerate to employees
10:21Labone PTA donates learning aid to school
15:10Bawumia is respectful, intelligent, naturally humble; his commentaries devoid of insults – Dormaahene
18:37Many of us still unpaid – Institutional Suppliers tell MoE
07:10Nkoranza North MP donates mobile phones to Bono East NDC comms team
10:10Ejisu by-election: I was just trying to feed 2 hungry EC officials – Nyarko denies bribery claim
14:39'Of course, I won't protect your legacy of corruption, arrogance, ineptitude' – Mahama tells Akufo-Addo
16:04Limited voter registration: CODEO deploys 195 observers nationwide
07:11Provide ‘dumsor’ timetable to save media houses from economic losses – GJA Pres. To ECG
08:52Chiefs not obliged to rise up and greet during visits: Prof Atubuga
14:13