The Ghana Revenue Authority (GRA) has inked an information-sharing agreement with 170 nations across the world to help with the application of the tax on resident Ghanaians who make money abroad.
According to the GRA, the tax is an existing policy that was enacted in 2016 but was not implemented due to a lack of acceptable data.
The GRA also denied that the measure is a new tax to replace the VAT on energy.
Dominic Adamnor Nartey, Chief Revenue Officer in Charge of Freezones at the Domestic Tax Division, stressed that the law has been in place for more than 5 years.
“This is not a new tax, it has been in the law since 2016. Anyone in Ghana who generates money outside the nation is obliged to combine all incomes whether in Ghana or abroad then subject that to tax.
So this has been in the law already and not necessarily a new tax. We have signed a pact with other countries and we now have adequate information to enforce the law”, he said.
He emphasized that the policy required information before it could be implemented.
“Now that we have signed the agreement with about 170 countries and ready to share information with us, it is prudent that we pursue it” .
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The policy is consistent with the Multilateral Competent Authority Agreement (MCAA) and the Standard for Automatic Exchange of Financial Account Information in Tax Matters Act of 2018 (Act 967).
