Display options Mobile website

Business News of Sunday, 27 January 2013

Source: etvghana.com

Revenue Authority wants Ghanaians to voluntarily pay gift tax

Gift tax has been in the Ghanaian Tax Laws since 1975. The tax is collected from individuals who receive gifts.

Per the National Redemption Council Decree 348 which first introduced it, gifts received which are valued above 50 cedis attract a 5% tax on them.

Currently, the law has been reviewed as reflected in Act 592.

It operates such that individuals who receive gifts valued over 500 cedis are taxed 5% on the amount. According to the Acting Deputy Commissioner of the Small Tax Office under the Ghana Revenue Authority,Lydia Amamoo, the law has some limitations.

She also noted that tracing individuals who receive gifts is a major challenge. She however called on individuals to voluntarily go to the Ghana Revenue Authority (GRA) offices to pay their gift taxes since this will help the country raise funds for developmental projects.

Despite this difficulty in collecting gift taxes, some Ghanaians have demonstrated high level of honesty by coming forward with their taxes as they do for their tithes. So why are so many of us unwilling to voluntarily pay our taxes?

The Ghana Revenue Authority hopes to improve on tax collection in the country to speed up development for its citizens.

Comments:
This article has 27 comments, give your comment