The Ghana Revenue Authority (GRA) will before the end of this year be implementing a new tax known as the ‘Rent Tax.’
The introduction and subsequent implementation of the tax on rent was disclosed by the Commissioner-General of the GRA, Reverend Ammishaddai Owusu-Amoah, while delivering his remarks at the Ghana Financial Intermediation Awards held on Friday, June 11, 2021.
To effectively mobilise taxes from the rent tax, the Commissioner-General stated that an App has been developed to aid the Authority in the collection of the said taxes.
“We have introduced the rent tax app which has everyone’s data on it, if your name is searched on the app it will take us directly to your location and when we get there we will be able to identify whether the property is owner-occupied or rented,” he stated.
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“This will now make it impossible for anyone to hide from paying their taxes, so if you have a property that you are renting, get ready to start paying your rent tax,” he added.
According to the Commissioner-General, failure to pay tax on rent income by the due date will attract an interest of 125 percent on the statutory rent rate and compounded monthly.
When fully implemented, the rent tax must be paid within 30 days of receipt of rent income by landlords or property owners.
