As part of measures to help plug the revenue gap created as a result of the abandoned VAT on electricity, the government has announced plans to introduce a tax on the foreign incomes of resident Ghanaians.
The government initially introduced a value-added electricity tax, but had to withdraw it following from Ghanaians exoecily yhe business sector.
The introduction of the value-added electricity tax formed part of revenue measures in the IMF deal.
The withdrawal of the created a revenue gap of about GHc 1.8 billion.
The government has expressed optimism that the implementation of the the tax on foreign incomes will close the revenue gap.
This initiative will affect foreign incomes of Ghanaians who reside in the country for 183 days or more.
The GRA has therefore admonished taxpayers to take advantage of the window created to get the interest on their accounts waived.
“The alternative is a compliance measure on foreign incomes of resident Ghanaians. Not Ghanaians abroad. We want to make that clear. This is not a measure. It has been in the policy but its implementation has not been optimal. We are happy to announce that we have put strong and structural measures in place to ensure that this yields the revenue of GHS 1.8 billion and beyond.”
“Its implementation has begun because the team is mobilizing themselves and drafting the letters to be sent to individual account holders. So by the 2nd of May, those letters might have gone out. If individuals come forward within three months and say that, this is the amount in this account, the interest on the account will be waived and that is the voluntary disclosure aspect of this measure”.
Meanwhile, Mohammed Amin Adam, the Finance Minister, has assured Ghanaians that it will not overburden Ghanaians with taxes.
He said the government would ‘use the hard way’ to collect revenue from those who have not been paying the appropriate taxes, and those who evade taxes.
During a press briefing on Saturday, April 13, after Ghana reached a staff-level agreement with the International Monetary Fund (IMF) on the country’s Extended Credit Facility (ECF) arrangement, he said: “Now, we’re determined to go out there and collect the taxes from those who have not been paying and those who have been evading taxes…to generate the desired revenue to fill the gap created due to the suspension of the taxes”.
“Some of the reforms that we’re implementing are biting, but I know that we’ll persevere and lead together, and ensure that the benefits of the fiscal consolidation will bring significant relief to the people of Ghana so that we can be counted once again as one of the fastest growing in the world,” he said.
By: Rainbowradioonline.com/Ghana
