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GRA Introduces Penalty and Interest Waivers for 2021

GRADomestic TaxGRA Introduces Penalty and Interest Waivers for 2021

GRA Introduces Penalty and Interest Waivers for 2021

As part of the Government of Ghana’s support to taxpayers during the COVID-19 pandemic, Parliament has passed three new tax laws and amended two existing tax laws to be implemented in 2021.

One of these laws is the Penalty and Interest Waiver Act 2021 (Act 1065). This Act is for the benefit of taxpayers and potential taxpayers who were adversely affected by the COVID-19 pandemic. It is intended to cushion such taxpayers in meeting their tax obligations in a manner that will support them in their recovery from the impact of the pandemic.

 

What is the Penalty and Interest Waiver Act 2021 (Act 1065)?

It is a waiver of penalties and interests on accumulated tax arrears up to December 2020 for persons who make arrangements to pay the principal tax amount.

  • To benefit from the waiver, you must submit an application to the Ghana Revenue Authority between 1st April and 30th September 2021, and file all tax returns due up to 31st December 2020.
  • After the application is submitted, the Commissioner-General will revert within 30 days. The response will include the approval or disapproval, and the reasons for such decision.
  • The taxpayer may make arrangements to pay the principal amount of the tax in arrears (to the period of December 2020) if the waiver is granted and must complete payment of such arrears by 31st December 2021.
Note

PLEASE NOTE THAT THE WAIVER DOES NOT APPLY TO PAYMENTS AND RETURNS DUE FROM 1ST JANUARY 2021 UNDER AN ENACTMENT ADMINISTERED BY THE COMMISSIONER-GENERAL.

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