Business News of Sunday, 9 August 2015
The UK government has announced plans to help Ghana step up its efforts to combat tax evasion, to help boost revenue and improve public services in the West African nation.
The UK will work with the Government of Ghana to tackle tax evasion so the country can raise revenues and build stronger public services, UK’s International Development Secretary Justine Greening and Ghana Financial Secretary David Gauke said on Thursday.
According to Justine Greening, The UK is committed to helping developing countries get their tax systems in order so that as their economies grow they are able to increasingly fund their own health and education programs and reduce aid dependence.
In order to help developing countries tackle international tax evasion, HMRC is partnering with the Ghana Revenue Authority (GRA) to develop their expertise on tax legislation, compliance and data privacy so they are ready for the automatic exchange of tax information in 2018, a statement said.
The partnership will allow Ghana to automatically receive tax information from HMRC on the UK holdings of Ghanaian taxpayers and vice versa – helping to detect undeclared assets, catch tax evaders and deter potential tax evaders.
This new partnership will also help Ghana clamp down on tax evasion and reclaim millions of pounds in lost revenue, Justine Greening said.
Ghanaian Finance Minister, the Hon. Seth Terkper said: “Ghana believes in the united international onslaught on tax evasion through transparency and exchange of information because this menace can effectively be eliminated only through international cooperation”.