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Business News of Tuesday, 14 July 2020

Source: Class FM

Independent Tax Appeals board to handle disputes

The government will, in the coming days, establish an independent tax appeals board to increase revenue mobilisation and resolve disputes between the Ghana Revenue Authority (GRA) and the taxpayer.

A Bill to this effect was laid on the floor of Parliament on Thursday, 30 April 2020, by a deputy Minister of Finance, Abena Osei-Asare.

The Bill, which is known as the Revenue Administration (Amendment) Bill, 2020, seeks to establish a board that will, among other things, hear and determine appeals against tax decisions made by the Commissioner-General.

The approval of the Amendment Bill will also allow the payment of shortfalls in tax liabilities resulting from omissions, without the payment of a penalty and also require subcontractors of government contracts to submit Tax Clearance Certificates (TCCs).

Presenting the report of the Finance Committee on the Bill, the Chairman of the Finance Committee, Dr Mark Assibey-Yeboah, noted that the establishment of the board will instil investor confidence and reduce the spent on litigation for both taxpayers and the Ghana Revenue Authority.

The report also noted that the setting up of the board will cost the government an estimated GHS2.5 million and expected to increase the country’s revenue mobilisation.

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