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Domestic Tax News

Discontinuation Of VAT On Financial Services

Government in the 2017 Budget Statement announced various tax reliefs including abolishing Value Added Tax (VAT) on Financial Services.

To give legal effect to the Policy on VAT on Financial Services, ‘Parliament passed the Value Added Tax (Amendment) Act, 2017, Act 948, to include the supply of financial services as exempt supply’.

In line with the above, the GRA wishes to inform all financial institutions to discontinue charging VAT on Financial Services.

 

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Amendments to the Value Added Tax Act, 2013 (ACT 870)

The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to inform the general public that by virtue of the Value Added Tax (Amendment) Act, 2017 (Act 948), the following changes have been made in relation to Value Added Tax (VAT) and National Health Insurance Levy (NHIL).

1. Section 3 of Act 870 Amended

Rate of the Tax

a. The combined rate of the tax which was 17.5% (VAT 15%; NHIL 2.5%) has been reduced to a flat rate of three per cent (3) calculated on the value of taxable supplies with respect to retailers and wholesalers of goods.

For the avoidance of doubt, the rate of the tax for the value of the taxable supply of services and the taxable value of the import is 17.5%.

b. The three per cent (3%) flat rate on the value of taxable supply does not however, apply to the supply of any form of power heat, refrigeration or ventilation as provided in Section 27 of the Value Added Tax Act, 2013 (Act 870).

2. Section 48 of Act 870 Amended

a. The Value Added Tax (Amendment) Act, 2017 (ACT 948), has amended Section 48 of the Value Added Tax Act, 2013 (Act 870) by deleting paragraph (d) of sub-section (1) and;

b. The substitution for subsection (7A) as follows:

“(7A) A taxable person to whom subsection (2) of section 3 applies does not qualify for an input tax deduction in respect of a supply of goods”.

This means that a retailer or wholesaler who accounts for the value of taxable supplies at a VAT Flat Scheme of three percent (3%) does not qualify for an input tax deduction.

3. Section 65 of Act 870 Amended

The VAT Flat Rate Scheme has been defined as accounting for VAT on the value of the total taxable goods supplied at 3%.

4. First Schedule to Act 870 Amended

(i) The Value Added Tax (Amendment) Act, 2017( Act 948) has exempted the supply of the following goods and services from VAT/NHIL

(a) Supply of Domestic Air Transport

(b) Supply of immovable property, including Land to be used for or intended to be used for the purpose of a dwelling

(c) Supply of Financial Services

(ii) The Act has been rephrased to exempt Crude Oil and Residual Fuel Oil from VAT payment.

This means VAT on (i &ii) above supplies (transactions) has been removed.

The above amendments came into effect on 7th April, 2017 being the date of Gazette notification. 

 

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Filing of Annual Income Tax Returns For The 2016 Year of Assessment

Are you aware that under the Income Tax Law, a person is obliged to file a return of income for a year of assessment not later than four months after the end of the year of assessment?

In line with the above, the Commissioner-General of the Ghana Revenue Authority (GRA) reminds all taxpayers including companies and entities, whose basis period end on 31st December; partnerships, individuals including self-employed persons to furnish their Return of Income for the 2016 Year of Assessment not later than 30TH APRIL, 2017.

The Return of Income shall specify:

• the assessable income of the person for the 2016 year of assessment

• the chargeable income of the person for the 2016 year of assessment and the tax payable with respect to that income

• tax paid by the person for the 2016 year of assessment 

• the remainder of the tax to be paid for the 2016 year of assessment

The Return of Income shall include a declaration that the return is complete and accurate and signed by the person making the return.

RETURNS BY EMPLOYERS

All employers are also requested to submit to the Commissioner-General the Employer’s Annual Tax Deduction Schedules for the 2016 year of assessment which shall specify tax withheld in respect of each employee not later than 30th April, 2017.

 

Income Tax Return Forms and Employer’s Annual Tax Deduction Schedules are available at the Large Taxpayer Office (LTO), Medium Taxpayer Offices (MTOs), Small Taxpayer Offices (STOs) throughout the country and the GRA website www.gra.gov.gh

 

NOTE: Taxpayers are to note that failure to furnish a Return of Income within the time stipulated attracts a penalty of GH¢500 and a further penalty of GH¢10 for each day that the failure continues.  

 

COMMISSIONER-GENERAL

 

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Missing VAT Invoice

The Commissioner-General of the Ghana Revenue Authority (GRA) announces for the information of the general public the loss of VAT Invoice booklet with serial numbers 3597501 to 3597550 issued  to Aqua Plast Company Limited by the Spintex Medium Taxpayer Office (MTO).  

Anyone with information on the missing VAT Invoice should kindly report to any of the following places: the nearest police station, the Spintex MTO, off Community 18 Junction, Spintex Road or contact the GRA Head office, Off Starlets 91 Road, near Accra Sports Stadium, Ministries or Call Telephone numbers (0303) 405307/405084 or Email Information to This email address is being protected from spambots. You need JavaScript enabled to view it.

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

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Contact Us

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: +233- (0) 302 904545

or

Tel 2: +233- (0) 302 904546

 

 

 

 

 

 

 

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