Business

IMPACT’s new report reveals India to be one of the largest gold smuggling hubs in the world. As a result, gold that is tied to conflict, human rights abuses, and corruption in Africa and South America is entering legal international markets through India. In its latest report, A Golden Web: How India Became One of the World’s Largest Gold Smuggling Hubs , ...

The government will not introduce any new taxes in the 2020 fiscal year, Finance Minister Ken Ofori-Atta noted while reading the 2020 budget.  Instead, Ken Ofori-Atta said the government would restructure the tax system and develop a comprehensive revenue policy and strategy to address the challenges of revenue mobilisation. This will involve lending the necessary support to the Ghana Revenue Authority ...

An Associate Professor in the Department of Economics at the University of Ghana is calling for the re-assessment of government spending as well as a consideration for improving its tax effort. Prof Abena D. Oduro delivering the fourth Kwadwo Baah-Wiredu Memorial Lecture said government’s budget is skewed towards consumption expenditure which makes it difficult to achieve its target for development expenditure. “The fiscal position must ...

The Senior Minister, Yaw Osafo-Maafo, has disclosed that Ghana spent $1.35 billion of its revenue to import rice in 2017. Delivering a speech at the consultation forum on the ‘Ghana Beyond Aid for Northern Ghana in Tamale’ on Wednesday, the Minister stated that proceeds made from exports are used to import rice although the country was capable of cultivating and producing the crop. “We have natural ...

The Communications Ministry has ordered Mobile Network Operators (MNOs) to stop passing on the 9% Communication Service Tax (CST) to subscribers. In a letter addressed to the National Communications Authority (NCA), and published in full below, the Communications Ministry stated that the CST should be treated the same way VAT, NHIL, GETFUND levy and all other taxes and levies imposed on entities ...

Taxes on utilities could go up in a government attempt to raise revenue to fight filth across the country, the Deputy Sanitation Minister has hinted. “It is one of the possibilities,” Michael Yaw Gyato told Evans Mensah on JoyNews’ PM Express programme on Monday. He said some options that “the people of Ghana can look at is: we can put ...

The Communication Service Tax (CST) has taken effect but many in the public remain unaware of its implementation. The CST was hiked from six per cent to nine per cent in the mid-year review and supplementary budget presented to Parliament by Mr Ken Ofori-Atta, the Minister of Finance. This, would affect the cost of telecommunication services rendered to customers by ...

The Ministry of Employment and Labour Relations (MELR) is working with stakeholders to streamline standards and centralise employment statistics generated within the productive sectors for effective reporting and targeting. This, the Ministry said, would ensure easy disaggregation and analysis of employment data by the Ministries, Departments and Agencies and the Metropolitan, Municipal and District Assemblies for use by policymakers towards ...

Vodafone Ghana says it started charging its customers the revised Communication Service Tax (CST) from this month.  In a notice, the telecoms operator noted that “this is to inform you that increment in the Communication Service Tax (CST) as announced in the Mid -Year Budget Review took effect from August 19.”  Vodafone added that the review of the tax from ...

The Ghana Revenue Authority (GRA) has directed the Telecom Operators to start charging their customers the revised Communication Service Tax. The directive JoyBusiness understands was contained in a letter to the telcos on September 4 2019. This was after the levy together with taxes outlined in the Supplementary Budget, secured President Akufo Addo’s signature last month. For now, the implementation ...