GRA to implement three new taxes on May 1

2 mins read

The () has announced that the new and revised taxes, which were introduced in the 2023 , will be implemented starting May 1, 2023.

According to the GRA, businesses have had ample time to configure their systems for taxes since the laws were passed.

The Excise Amendment Act, of 2023, the Income Tax Amendment Act, of 2023, and the Growth and Sustainability Levy Act, of 2023 are among the new and revised taxes.

The Excise Duty Amendment Act has been expanded to cover some items and commodities that were not previously captured, which may result in increased prices for processed fruit juice, cigar, mineral water, spirits, wines, and sparkling wine.

In response to the new taxes, the has stated that it may not absorb these taxes and could pass on the costs to consumers.

The Income Tax Amendment Act will impose a minimum of 5% tax on firms that report losses for five years. Individuals earning income beyond ¢500 will attract some taxes, and the more one earns, the more taxes one will pay to the state.

For betting, 10% of earnings will be paid to the state, while lottery and gaming firms will pay 20% of their gross revenue. Individuals who receive gains from investment assets or liabilities and other non-gift-related earnings may have to pay 25% of the value to the state.

Under the Growth and Sustainability Levy Act, banks, non-bank , telecom companies, and firms working in the oil sector will have to pay 5% of their profit before tax 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.

Thanks for reading and supporting The Ghanaian Standard. Your comments on this story are welcome, kindly share them in comments section below.

Send us your press releases and news stories at contact@ghstandard.com, or via WhatsApp on +233550919202.

Follow GhStandard on Follow us on Google News

Source: Edna Agnes Boakye

Leave a Reply

Your email address will not be published.

Latest from General