Business News of Friday, 28 April 2023

Source: www.ghanaweb.com

Implementation of 3 new taxes to begin on May 1 - GRA

The Ghana Revenue Authority (GRA) is the revenue arm of government The Ghana Revenue Authority (GRA) is the revenue arm of government

The Ghana Revenue Authority has revealed that the implementation of the 3 new and revised taxes passed by parliament will begin on May 1, 2023.

In a notice by the Authority, it noted that businesses had been given enough time to configure their systems for the taxes to be implemented since the law was passed.

The new and revised taxes are the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023 and the Growth and Sustainability Levy Act, 2023.

Income Tax Amendment Bill

The Income Tax (Amendment) Bill, 2022 is to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals and introduce an additional income tax bracket, introduce a withholding tax rate on the realization of assets and liabilities and winnings from the lottery, unify the loss carried forward provisions and revise the treatment of foreign exchange losses.

The bill, when passed, will increase the optional rate for individuals on the gain from the realization of an investment asset, revise the upper limits for the quantification of motor vehicle benefits and increase the concessional income tax rates.

Growth and Sustainability Bill

The object of the Bill is to impose a special levy on profit before tax of companies and institutions and on production in the case of mining, and upstream oil and gas companies.

Excise Amendment Bill

The object of the Excise Duty (Amendment) Bill, 2022 is to amend the Excise Duty Act, 2014 (Act 878) to revise the excise tax rates for cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Protocols and raise revenue to mitigate the harmful effects of these excisable products.

This is to increase the excise duty on wine, malt drinks, and spirits; and impose excise duty on sweetened beverages and electronic cigarettes, and electronic liquids to increase revenue.

This bill has been opposed by various labour groups and unions.

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