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GRS to enforce gifts tax

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Ghana Revenue Authority (GRA) will strictly enforce the 15 to 15 withholding tax, Mrs Badger admonished individuals and organisations to keep proper records of all transactions in order to claim them from the IRS. She said if anyone purchased items totalling GHc500, the person is supposed to enjoy 5% withholding tax and advised the public to exercise that right. Mrs Badger stressed that married couples, the aged, persons undergoing training and single parents catering for three children also enjoy tax relief and charged persons who fall within those categories to present the appropriate documentation in order to enjoy tax relief. She indicated that, the VAT Amendment Act had revoked tax exemptions on real estate developers and hoteliers whilst airport tax had been increased. Some participants expressed their reservations about the increased in the gifts tax and appealed to the government to reduce it. They said the increment would prevent their loved ones from showing their appreciation to them especially on festive occasions. They urged government to rather widen the tax net to cover more businesses in order to mobilize more resources for socio-economic development in the country. Source: GNA

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.