The Ghana Revenue Authority (GRA) starting May 1, 2021, will commence the implementation of two (2) of the five (5) new taxes outlined in the 2021 Budget Statement.
The implementation of the two taxes follows the passage of all 5 taxes outlined in the budget into law by Parliament.
In a press release, the GRA noted that the taxes to be implemented are the 1% Covid-19 Health Recovery Levy and the Ghs 0.20 pesewas and Ghs 0.18 per litre of petrol/diesel and Kilogramme of Liquified Petroleum Gas (LPG) under the Energy Sector Recovery Levy respectively.
As well as the imposition of the Ghs 0.10 pesewas Sanitation and Pollution Levy also under the Energy Sector Recovery Levy.
With regards to the other taxes such as the 5 percent Financial Sector Levy on the gross profit of banks, the GRA posited payments would be made in quarterly installments starting June 30, 2021.
For the waived penalties and interests on accumulated tax arrears, the tax collection body averred application for a waiver commenced this month – April 2021 – and ends in September 2021, with payments to be made thereafter to December 31, 2021.
Government, with the passage of the new taxes, is expected to raise some Ghs 5.3 billion this year.
Read details of press release:
Implementation of New Tax Policies Based on the 2021 Budget Statement by Fuaad Dodoo on Scribd
