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
Akufo-Addo has turned NIB into a hub for party foot soldiers – Ato Forson
21:05Dismiss Addai-Mensah as KATH CEO – Group
12:50G6PD: 20% of Ghanaians live with the ‘inherited’ condition, men are most affected – Dr Nunoo
00:01I'll manage Ghana's minerals to benefit everyone, not just a few - Mahama
20:59Bawumia tells churches: ‘I was just joking about paying you’
10:55NDC raises questions about Bawumia's Bono East tour
14:21Mahama to use AI to fight galamsey
20:56Ghana needs leaders like you – Sefwi Omanhene to Prempeh
10:53Mpohor NDC secretary busted for registering minors
12:07Stop your off-beat dancing and fix dancing cedi - Minority caucus tells Bawumia
20:40