0
0 The Ghana Revenue Authority (GRA) is urging Ghanaians earning income abroad to voluntarily declare their earnings and pay taxes. This initiative aims to boost tax revenue and fill the gap left by the scrapped Value Added Tax (VAT) on electricity
In an interview on the Citi Breakfast Show on Wednesday, April 17, Felicia Omotayo Owusu from the GRA’s Domestic Tax Revenue Division outlined the procedures of the new tax initiative in accordance with the amended Revenue Administration Act (Section 74).
She stressed the significance of voluntary compliance, stating, “the Revenue Administration Act (Section 74) has been amended so that any person who comes to us voluntarily and discloses that I made an income for the previous year 2022 and the person voluntarily says this is the income I made and I have not declared it so I am now coming to declare it, then we are going to waive the penalty that is on that income.
Dr. Martin Yamborigya Kolbil, Assistant Commissioner for Audit at the Large Taxpayer Office, provided additional clarity on the tax crediting process.
He emphasized the importance of employees providing their Ghana card numbers to their employers for accurate tax deductions.
Kolbil explained, “We initially indicated that when you are an employee of a company, it is the duty of your employer monthly to deduct. For you to be credited, you need to provide your employer with your tin, which is your Ghana card number, and then the system will automatically credit whatever tax your employer deducted on your behalf.
“So, if you go to your ledger now, you will have seen your payment provided you have your tin with the revenue authority.”
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital
The post GRA urges voluntary tax compliance for Ghanaians with foreign income appeared first on Citinewsroom – Comprehensive News in Ghana.
