The Ghana Revenue Authority (GRA) has disclosed that the three (3) revised and new taxes approved by Parliament will commence from May 1.
The GRA indicated that businesses have been given enough time to configure their systems for the taxes to be implemented since the law was passed.
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The new and revised taxes include three key tax measures – the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023 and the Growth and Sustainability Levy Act, 2023.
The Minister of Finance, Ken Ofori-Atta had earlier reiterated the essence of the three taxes in Ghana getting a bailout from the International Monetary Fund (IMF).
Speaking at a forum in Accra on Thursday March 30, he said “Our Parliament, in the national interest, will pass these bills before the close of the week and it will not be seen as disloyalty to anyone party. So if I may be permitted to use the word fellow Ghanaians, we are a blessed nation…I am more convinced now than ever that we are a blessed nation.
A week ago I was in China to meet their Finance Minister and various institutions about support for an IMF programme and the Lord certainly went ahead of us.
“Ghana is a big country, the Minister of Finance is a big man but the Minister of Finance of China gave us the Ghana delegation almost an hour and a half conversation. Not only did he do that he also called the chairman of the Exim Bank of China to join him to talk through these ways in which they can facilitate to make sure we get our IMF transaction.
“So indeed America is ready for us, we saw Kamala Harris here, Germany has been here, the Europeans are behind us, the Fund is behind us. It is left with our Parliament. It can’t be that we shoot ourselves in the foot. Let us rally behind our Parliamentarians.”
The Finance Minister’s calls come after the Minister of Information, Kojo Oppong Nkrumah made a similar plea to parliamentarians.
He said things will become extremely hard if he government’s efforts to close the domestic revenue gap continue to stall.