• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • World
GRA set to implement 3 new taxes on May 1

GRA set to implement 3 new taxes on May 1

28 April 2023
Job racism in Ghana.

Job racism in Ghana.

27 May 2023
NSS releases pin codes for over 12,000 nurses for national service

NSS releases pin codes for over 12,000 nurses for national service

26 May 2023
NPP flagbearership race: Boakye Agyarko, Kwabena Agyapong, Addai-Nimoh pick up forms

NPP flagbearership race: Boakye Agyarko, Kwabena Agyapong, Addai-Nimoh pick up forms

26 May 2023
Bawumia declares 2024 presidential bid

Group picks up NPP’s flagbearership forms for Bawumia.

26 May 2023
NLC to meet JUSAG, govt today over salary concerns

Judicial Service appeals to JUSAG to call off strike

26 May 2023
NPP’s flagbearership race: Nominations open today

NPP’s flagbearership race: Nominations open today

26 May 2023
29 CSOs want GNPC CEO and Freddie Blay removed over PetroSa deal

GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

26 May 2023
Akufo-Addo nominates Gertrude Torkornoo as new Chief Justice

Chief Justice nominee, Gertrude Torkornoo to face Appointments Committee today

26 May 2023
China displeased with Ghana media misreporting of IMF deal

China displeased with Ghana media misreporting of IMF deal

25 May 2023
NLC to meet JUSAG, govt today over salary concerns

JUSAG declares nationwide strike over salary concerns

24 May 2023
Supreme Court affirms decision not to allow for cultivation of ‘wee’

Supreme Court affirms decision not to allow for cultivation of ‘wee’

24 May 2023
UK bans Nigerian students, others from bringing family members from January 2024

UK bans Nigerian students, others from bringing family members from January 2024

24 May 2023
ADVERTISEMENT
  • Advertise
Sunday, May 28, 2023
abcnewsgh
  • Home
  • News
  • Politics
  • Business
  • Sports
No Result
View All Result
abcnewsgh
No Result
View All Result
Home Business

GRA set to implement 3 new taxes on May 1

by Newsroom
28 April 2023
in Business
0
GRA set to implement 3 new taxes on May 1
6
VIEWS
ShareTweetSendSend

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
ShareTweetSendSend
Newsroom

Newsroom

Related Posts

Let’s prioritize investments in education – Nana Addo to Africa leaders
Business

We’ll soon return to international market to borrow – Akufo-Addo

24 May 2023
Akufo-Addo demands retraction, apology from Al Jazeera over Gold Mafia documentary
Business

IMF Deal: We’ll begin rigorous expenditure cuts – Akufo-Addo

24 May 2023
Akufo-Addo’s govt insensitive to our plight – Pensioner Bondholders
Business

We’ll not listen to anymore promises should we resume picketing – Pensioner Bondholders

24 May 2023

Recent Posts

  • Job racism in Ghana. 27 May 2023
  • NSS releases pin codes for over 12,000 nurses for national service 26 May 2023
  • NPP flagbearership race: Boakye Agyarko, Kwabena Agyapong, Addai-Nimoh pick up forms 26 May 2023
  • Group picks up NPP’s flagbearership forms for Bawumia. 26 May 2023
  • Judicial Service appeals to JUSAG to call off strike 26 May 2023
  • Trending
  • Comments
  • Latest
China displeased with Ghana media misreporting of IMF deal

China displeased with Ghana media misreporting of IMF deal

25 May 2023
Bawumia declares 2024 presidential bid

Group picks up NPP’s flagbearership forms for Bawumia.

26 May 2023
PURC increases electricity tariff by 18.36%

PURC increases electricity tariff by 18.36%

17 May 2023
Kojo Oppong Nkrumah

I forgive you – Oppong Nkrumah to Frimpong Boateng

24 April 2023
THREE NEW TAX BILLS GET APPROVED BY PARLIAMENT

THREE NEW TAX BILLS GET APPROVED BY PARLIAMENT

0
Don’t fault Minority for passage of new taxes – Sam George

Don’t fault Minority for passage of new taxes – Sam George

0
Kumawu seat declared vacant

Kumawu seat declared vacant

0
NDC primaries: 85 parliamentary aspirants cleared in Ashanti; 71 in Eastern

NDC primaries: 85 parliamentary aspirants cleared in Ashanti; 71 in Eastern

0
Job racism in Ghana.

Job racism in Ghana.

27 May 2023
NSS releases pin codes for over 12,000 nurses for national service

NSS releases pin codes for over 12,000 nurses for national service

26 May 2023
NPP flagbearership race: Boakye Agyarko, Kwabena Agyapong, Addai-Nimoh pick up forms

NPP flagbearership race: Boakye Agyarko, Kwabena Agyapong, Addai-Nimoh pick up forms

26 May 2023
Bawumia declares 2024 presidential bid

Group picks up NPP’s flagbearership forms for Bawumia.

26 May 2023
abcnewsgh

Copyright © 2023 ABCNewsGH.

Navigate Site

  • Advertise

Follow Us

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports

Copyright © 2023 ABCNewsGH.