The Ghana Revenue Authority (GRA) says it will begin the implementation of the new and revised taxes introduced in the 2023 Budget, on May 1, 2023.
The GRA announced this in a notice, adding that businesses have had ample time since the laws were passed to configure their systems for the taxes.
The Excise Amendment Act, 2023; the Income Tax Amendment Act, 2023; and the Growth and Sustainability Levy Act, 2023 are among the new and revised taxes.
The Excise Duty Amendment Act will affect the prices of processed fruit juice, cigar, mineral water, spirits, wines, and sparkling wine, which were previously not captured.
The Income Tax Amendment Act will levy a minimum of 5% on businesses that declare losses for the next five years. Individuals earning more than $500 will be taxed, and the more one earns, the more taxes one will have to pay to the state.
Bettors will pay 10% of their earnings to the state, while lottery and gaming companies will pay 20% of their gross revenue. Individuals who receive gains from investment assets or liabilities, as well as other non-gift-related earnings, may be required to pay the state 25% of the value.
The Growth and Sustainability Levy Act requires banks, non-bank financial institutions, telecommunications companies, and oil companies to pay the state 5% of their profit before taxes.
Aside from that, 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.
By: Rainbowradioonline.com/Ghana
