GRA targets GHS 1.6bn tax liability for $2.8bn overseas assets held by Ghanaians
In a bold move aimed at bolstering tax revenues, the Ghana Revenue Authority (GRA) has set its sights on the overseas assets of some citizens. A comprehensive assessment spanning 70,000 accounts across 40 countries by the GRA revealed assets worth a staggering $2.8 billion, translating to a tax liability assessment of ¢1.6 billion.
According to the Commissioner General of the Ghana Revenue Authority, Rev. Dr. Ammishaddai Owusu-Amoah, the assessment of overseas accounts by the GRA is to ensure tax compliance by Ghanaians overseas who are not paying taxes.
The Commissioner notes that it is getting information from the Organization for Economic Co-operation and Development (OECD) Agreement on automatic exchange of information with member countries and the exchange of information on request.
According to him, 150 countries including Ghana have signed up to this agreement by the OECD, which allows member countries to share information based on request and the automatic sharing of information. The agreement allows Ghana to share information with member countries
“This means that Ghana can go to UK and ask for information on Ghanaians resident in that country and the UK can also request that GRA shares information on their residents in Ghana”, Dr Owusu-Amoah pointed out.
The development, he added, will also help in checking money laundering as well.
“Ghana is one of the 5th countries in Africa in which in 2022 managed to satisfy all the conditions to be part of the OEDC agreement on sharing data for tax purposes on residents in their countries,” the GRA Boss revealed.
Rev. Dr. Ammishaddai Owusu-Amoah furthered that persons who fail to meet their tax obligations will be given some time to comply with the GRA.
However, failure to do so will result in the Authority going ahead to apply the necessary penalties.
The Commissioner General also revealed that the Authority will soon roll out a Special Voluntary Disclosure Program (SVDP) for foreign nationals and businesses in the country.
This will allow foreign nationals in Ghana, including individuals and businesses to voluntarily disclose any unreported or underreported information related to their financial activities outside Ghana for tax purposes.
The initiative is coming under the Multilateral Competent Authority Agreement (MCAA) and the Standard for Automatic Exchange of Financial Account Information in Tax Matters Act, 2018 (Act 967).
Rev. Dr. Ammishaddai Owusu-Amoah also explained that the Voluntary Disclosure Programme encourages participants to voluntarily disclose their errors or omissions and may be eligible for a reduction in penalties that would typically apply to such violations.
