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Domestic Tax News

Filing of VAT/NHIL & CST Returns for March, 2016

HAVE YOU FILED YOUR VAT/NHIL & CST RETURNS FOR MARCH, 2016?

DO YOU KNOW YOUR FEBRUARY 2016 RETURNS ARE DUE BY FRIDAY, 29TH APRIL, 2016 WHICH IS THE LAST WORKING DAY OF THE MONTH OF APRIL 2016?     

FILE YOUR VAT/NHIL & CST RETURNS EARLY AND AVOID PAYMENT OF PENALTIES.  FOR VAT/NHIL THE PENALTY IS FIVE HUNDRED GHANA CEDIS (GH¢500.00) AND A FURTHER PENALTY OF TEN GHANA CEDIS (GH¢10.00) PER DAY EACH DAY THE RETURN IS NOT SUBMITTED.

FOR CST OPERATORS, LATE FILING OF RETURNS ATTRACTS A PECUNIARY PENALTY OF TWO THOUSAND GHANA CEDIS (GH¢2,000) AND A FURTHER PENALTY OF FIVE HUNDRED GHANA CEDIS (GH¢500.00) EACH DAY THE RETURN IS NOT SUBMITTED.

REMEMBER TO SUBMIT THE MARCH 2016 RETURNS FORMS NOT LATER THAN FRIDAY, 29TH APRIL, 2016 WHICH IS THE LAST WORKING DAY OF THE MONTH AND AVOID PAYING PENALTIES. 

FOR FURTHER INFORMATION, PLEASE CONTACT THE NEAREST DOMESTIC TAX REVENUE DIVISION OFFICE. 

 

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

 

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Payment of Withholding Taxes – March, 2016

ALL WITHHOLDING TAX AGENTS TO NOTE

Are you aware that withholding taxes must be paid to the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA) by the 15th of every month?

Do you know that withholding taxes deducted from employment, payment for goods and services and all other withheld taxes for March 2016 are due by 15th April, 2016? 

Pay all withheld taxes on due dates.  All payments should be made with an accompanying schedule, in both hard and soft copies, indicating gross amount, the tax deducted and name(s) of taxpayer(s) from whom the taxes were withheld. 

Please note that failure to pay tax on due date attracts an interest of 125% of the statutory rate, compounded monthly on the outstanding tax.

 

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

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Submission of Self-Assessment Estimate For 2016 Year of Assessment

The Commissioner-General of the Ghana Revenue Authority(GRA) wishes to bring to the attention of the general public particularly all Self-Assessed persons the following information on Annual Estimates under section 122(1), 2, and 5 of the Income Tax Act, 2015 (Act 896).

1. A person shall submit to the Commissioner-General his annual tax estimate by the due date for the payment of the first tax instalment for the year. This means for example, that all persons whose basis periods start from January to 31st December shall submit to the Commissioner-General their 2016 Year of Assessment Tax Estimate by 31st March, 2016.

2. The Return shall indicate an estimate of the assessable income of the person for the 2016 Year of Assessment from each employment, business and investment and the source of that income.

3. The estimate shall also indicate the chargeable income and the tax payable for that person for the 2016 Year of Assessment.

4. The estimate submitted for the 2016 Year of Assessment remains in force for the whole year unless the person submits a revised estimate together with a statement of reasons for the revision.

5. All taxpayers at the Large Taxpayer Office (LTO) and the Medium Taxpayer Offices (MTOs) whose basis period start from January to 31st December are therefore obliged and requested to submit their 2016 Year of Assessment estimate together with the payment for the first quarter for 2016 to the Commissioner-General by 31st March, 2016.

6. Annual Estimate forms are available on the GRA website www.gra.gov.gh ’

COMMISSIONER-GENERAL

 

 

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Filing of Annual Income Tax Returns For The 2015 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 that person’s basis period?

In accordance with this, the Commissioner-General of the Ghana Revenue Authority (GRA) reminds all taxpayers, companies and entities, whose accounting date falls on 31st December, partnerships, individuals including self-employed persons and property owners who derived income from rent in 2015 to furnish their Return of Income for the 2015 Year of Assessment not later than 30TH APRIL, 2016.

The Return of Income must be accompanied by

  • statements of income and expenditure
  • statements of assets and liabilities for each

business undertaking during the period.

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

Income Tax Return Forms 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¢4 for entities and GH¢2 for individuals in respect of each day during which the default continues.  

COMMISSIONER-GENERAL

 

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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 675701-9/684363-686106/684363

Fax: +233- (0) 302 681163/664938

 

 

 

 

 

 

 

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