Home / BUSINESS NEWS / GRA Clarifies Its Decision To Tax The Foreign Incomes Of Resident Ghanaians

GRA Clarifies Its Decision To Tax The Foreign Incomes Of Resident Ghanaians

Spread the love

The Ghana Revenue Authority (GRA) has clarified its decision to tax the foreign incomes of resident Ghanaians.

GRA in a statement on Monday, April 22, defended the decision, saying it is backed by the Tax Act 2015 (Act 896).

It also provided clarifications as to who is to be affected by the tax.

The government announced the decision on Monday, April 15, in place of the suspended VAT on electricity, which it said created a revenue gap of about GH¢1.8 billion.

According to GRA, individuals considered residents for tax purposes include citizens; with a permanent home in Ghana residing in the country throughout the year, present in Ghana for at least 183 days in any 12-month period that begins or ends within the year, government employees or officials posted abroad, etc.

In preparation for the tax rollout, the GRA “opened a special window for taxpayers to rectify their records.”

Below is GRA’s full statement.

The Ghana Revenue Authority (GRA) has noted concerns raised by the general public on the tax status of individuals who earn incomes abroad and whether they are deemed by the Tax laws as “resident individuals” for tax purposes.

In light of these concerns, it is important to clarify who qualifies as a resident individual for tax purposes.

The legal definition of a resident individual for tax purposes is grounded in the Income Tax Act 2015 (Act 896), Sections 3 (2) (a), 103, and 111.

Clarification of key details:

Individuals considered resident for tax purposes:

1. Are citizens with a permanent home in Ghana residing in the country throughout the year

2. Are present in Ghana for at least 183 days in any 12-month period that begins or ends within the year

3. Include government employees or officials posted abroad

4. Are citizens temporarily absent from Ghana for not more than 365 continuous days who maintain a permanent home in Ghana

To facilitate easier declaration and payment of taxes for resident individuals to report of undisclosed incomes, the GRA has opened a special window for taxpayers to rectify their records.

All eligible individuals are strongly encouraged to utilize this opportunity to regularize their tax affairs.

 

 

 

 

THANK YOU for constantly reading stories on MyGhanaMedia.com, a news publishing website from Ghana. Kindly like, follow, comment, and SHARE stories on all social media platforms for more entertaining updates!

Please subscribe to our YouTube channel:  https://youtube.com/@mgmtv113
Follow us on Facebook:  https://www.facebook.com/myghanamedia3
  Click on the link to join the My Ghana Media channel:  https://whatsapp.com/channel/0029VaPItUF4tRrplYzhHn0U

 

Source:  MyGhanaMedia.com

 

There are four types of content published on MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content.

 

 

 

 

 

 

Send your news stories to myghanamedia@gmail.com 

 

About Adwenpa-Hene

we publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: myghanamedia@gmail.com Contact Us: 0200818719

Check Also

Family Announces Date For Akua Donkor’s One Week Observation

Spread the love The family of the late Ghana Freedom Party presidential candidate, Madam Akua …

x