Aug 27, 2017

Haphazard tax concessions deny Rs. 250,000 million income Featured

The state loses Rs. 250,000 million in direct tax income every year due to the granting of tax concessions in a disorganized manner, the treasury has estimated.

That amount is two per cent of the GDP.

Granting tax concessions for various investments and new ventures are carried out in a haphazard manner.

A top treasury official said the new inland revenue act would resolve this problem, adding that it would focus on direct tax revenue, rather than on indirect taxes.

The new act will help raise direct tax income, while granting concessions to attract investments that generate new jobs and expand industrialization throughout the country, he noted.

New investors in the north and the east will be exempted from income tax on account their capital investments on machinery and equipment, the official added.

Related articles:

Special meeting between JO Mangala

No income tax for less than Rs. 1.2 m annual earnings (video)

JO to petition against Inland Revenue bill

Revised Inland Revenue Bill on Aug 25

New Inland Revenue Act doubles tax on interest income

IRD gears up to implement the new Inland Revenue Act

New act will broad base simplify the tax system

IMF introduces Ghana’s new tax law for SL’s new IR bill

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Top