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GRA set to implement 3 new taxes on May 1

by Godwin Opoku Okyere
28 April 2023
in Business
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GRA set to implement 3 new taxes on May 1
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The Ghana Revenue Authority (GRA) has made an announcement that the new and revised taxes, which were introduced during the 2023 Budget, are set to take effect on May 1, 2023.

The GRA issued a notice emphasizing that businesses have had adequate time to configure their systems for the taxes since the laws were passed.

Among the newly implemented taxes are the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023; and the Growth and Sustainability Levy Act, 2023. The Excise Duty Amendment Act has been revised to include some items and commodities that were previously not covered. This expansion may result in increased prices for processed fruit juice, cigar, mineral water, spirits, wines, and sparkling wine.

The Ghana Union of Traders Association has expressed that it may opt not to absorb the imposed taxes and instead transfer the costs to consumers.

Under the recently enacted Income Tax Amendment Act, firms that report losses for a continuous five-year period will be subject to a minimum charge of 5%. Furthermore, individuals who earn an income exceeding ¢500 will also incur taxes, which will increase in proportion to their earnings.

In terms of betting, a 10% tax will be levied on betting earnings, while lottery and gaming companies will be required to pay 20% on their total revenue. Meanwhile, individuals who receive income from investment assets or liabilities and other sources apart from gifts will have to pay 25% of the value to the government.

Under the Growth and Sustainability Levy Act, banks, non-bank financial institutions, telecom enterprises, and firms involved in the oil industry will be obliged to pay 5% of their pre-tax profits to the state.

Mining firms, oil and gas companies will pay 1.0% of their gross production, and all other firms will pay 2.5% of their profit before tax to the GRA.

Tags: GRA
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Godwin Opoku Okyere

Godwin Opoku Okyere

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