GRA Targets GH¢500m Revenue from Tax Amnesty

The Ghana Revenue Authority (GRA) has revealed that it seeks to rake in about 500 million cedis from the tax amnesty exercise it is conducting.

The GRA also says the tax amnesty to defaulters which begun in January 2018 until September 2018, will allow all defaulters discharge their obligations voluntarily without fear of prosecution for the nine months’ period.

“A person who is liable to pay tax of income earned for the years 2014, 2015 and 2016 years of assessment but who has not registered with the GRA is required to do so with the GRA on or before 30th September 2018 and submit all outstanding tax returns with full disclosure of previously undisclosed incomes for the years 2014, 2015 and 2016,” Commissioner General of GRA, Emmanuel Kofi Nti said.

The Tax Amnesty Act, 2017 (Act 955) was passed by Parliament in December 2017 to enable defaulting tax payers a limited time opportunity to comply with payment of their taxes.

Businesses have however expressed mixed reactions to the new Tax Amnesty policy.

While some have cast doubt over the policy’s ability to reduce tax evasion, others say the policy could increase tax compliance.

But addressing a press conference, the Commissioner General of GRA, Emmanuel Kofi Nti said his outfit is seeking to accrue between 300 and 500 million cedis from the exercise.

“The idea is that we expect that if goes on very well with us. We project that we should be able to get not less than 300 to 500 million cedis from this process,” he stated.

Source: Citibusinessnews