Ghanaians who make income abroad are being urged by the Ghana Revenue Authority (GRA) to voluntarily declare and pay taxes on their profits. This program attempts to increase tax receipts and close the revenue shortfall caused by the elimination of the electricity Value Added Tax (VAT).
Felicia Omotayo Owusu of the GRA’s Domestic Tax Revenue Division described the new tax initiative’s procedures in an interview with the Citi Breakfast Show on Wednesday, April 17. The procedures were outlined in compliance with the modified Revenue Administration Act (Section 74).
The Revenue Administration Act (Section 74) has been amended, she said, emphasizing the importance of voluntary compliance. “If someone comes to us voluntarily and discloses that I made income for the previous year 2022 and they voluntarily say this is the income I made and I have not declared it so I am coming to declare it now, then we will waive the penalty that is on that income,” she said.
For further information on the tax crediting procedure, speak with Dr. Martin Yamborigya Kolbil, Assistant Commissioner for Audit at the Large Taxpayer Office.
He underlined how crucial it is for workers to give their employers their Ghana card numbers in order to ensure proper tax deductions.
Kolbil clarified, saying, “We originally stated that it is your employer’s responsibility to deduct on a monthly basis when you work for a corporation. Your employer needs to have your tin, or Ghana card number, in order for you to get credited. After that, the system will automatically credit any taxes that your employer withheld on your behalf.
“So, as long as you have your tin with the revenue authority, you should be able to see your payment if you go to your ledger right now.”
SEND A STORY: Do you have a story for us or need a promotion / advertisement? Submit them via our email kumasionlinetv@gmail.com and via on +233 550623377
