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Gov’t Grants Tax Amnesty To Businesses

The government is offering tax amnesty to all defaulting business

Government has stated that it’s offering tax amnesty to all defaulting businesses and persons operating in the country for the last time.

Emmanuel Kofi Nti, Commissioner General of the Ghana Revenue Authority (GRA), who disclosed this to the media in Accra, called on all persons earning income who have defaulted in the submission of their tax returns and payments or who had not previously registered with GRA to take advantage of the amnesty, come clean and regularise their tax affairs.

“Let me emphasise and please note that GRA has the capacity to identify all potential taxpayers. I wish to say that being outside the radar is not an option because GRA will vigorously pursue all tax defaulters, including prosecuting them after the expiration of the amnesty period that is, 30th September, 2018. Thereafter, GRA will apply all the sanctions under the law.”

The Tax Amnesty Law (Act 955, 2017) passed by Parliament in December 2017 is a limited-time opportunity for taxpayers and potential taxpayers, who have defaulted in either their registration with GRA, filing of tax returns by due dates, paying taxes on due dates and making full disclosure (complete and accurate) of financial reporting.

Mr Nti said the exercise was also aimed at updating the GRA’s database, improving the tax compliance culture and broadening the tax net.

Also, the GRA expected to rake in over GH₵300 million from the exercise, Mr Nti has said.

The Tax Amnesty Act, 2017 (Act 955) is specifically designed to afford taxpayers already registered with the Ghana Revenue Authority (GRA) the opportunity to voluntarily submit their outstanding tax returns and pay the relevant taxes on all previously undeclared taxes without being made to pay the penalties and interest that otherwise would have been imposed for such default under the provisions of the Revenue Administration Act, 2016 (Act 915) and other tax laws.

“Also, potential taxpayers, who are not registered with the GRA, but who earned profits or other incomes in previous years will also have the opportunity to register with the Authority and submit all outstanding tax returns for the relevant period without payment of the relevant tax, penalties and interest that will otherwise have been due on those incomes.”

He noted that under the provisions of the Tax Amnesty Act, 2017 (Act 955), tax amnesty was available to a person, who was registered with the Ghana Revenue Authority but had not submitted all returns or amended returns, containing a full disclosure of all previously undisclosed liabilities up to 2017 year of assessment and paid up all assessed and outstanding taxes.

“A previously unregistered person who registers with the Ghana Revenue Authority before 30th September, 2018 will file income tax returns for 2014, 2015, 2016 years of assessment,” he added.

source:peaceFM

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