Tax
From The Report: Ghana 2024
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Ghana has a number of mechanisms in place to levy taxes on both individuals and business entities. These include a graduated scale for residents, with the maximum rate for residents reaching 35% and a flat rate of 25% for non-resident individuals; the Financial Sector Recovery Levy, a 5% tax aimed at the accounting profit of banks, with an exception for rural and community banks; and the Growth and Sustainability Levy, a quarterly tax on the accounting profit before tax or gross production for specific companies and institutions. The digitalisation of tax administration services is likely to bring numerous benefits, revolutionising the way the Ghana Revenue Authority, the country’s primary tax collector, administers laws and regulations.

This chapter contains a viewpoint from Ayesha Bedwei Ibe, Tax Leader, PwC Ghana.

Articles from this Chapter

Overview

Regulatory guidelines: Introduction to the tax framework for individuals and businesses
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The Ghana Revenue Authority (GRA) is the agency mandated to assess and collect taxes in the country. The administration falls under the umbrella of the Ministry of Finance. Tax Residency An individual is tax resident in Ghana if that individual is: • Present in Ghana for an aggregate period of 183 days or more in any 12-month period that commences or ends during the year; • A citizen who is temporarily absent from Ghana for a period of not more than 365 continuous days where that citizen…

Analysis

Electronic reforms: Rollout of digital services transforming the national tax system
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Tax administrations around the world are engaged in building innovative digital solutions to meet 21st century challenges, and Ghana is no exception. The Ghana Revenue Authority (GRA) is making strides in technological infrastructure innovation with its gradual introduction of digital services. Accordingly, the GRA has deployed three new systems: a taxpayer portal, a portal for electronic invoicing for value-added tax (VAT) and a supply of electronic services VAT payment portal. DIgital Services The…

Viewpoint

In plain sight: Ayesha Bedwei Ibe, Tax Leader, PwC Ghana, on taxing the informal sector to increase revenue
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Viewpoint:Ayesha Bedwei Ibe In 2022 Ghana’s government sought financial and technical assistance from the IMF to strengthen the economy. This decision was taken after several debates about whether the country needed support from the international organisation to improve its economic situation or if the country could resolve the issues by itself. External factors such as the Covid-19 pandemic and the ongoing effects of the conflict between Russia and Ukraine were partially to blame for Ghana’s…