Take advantage of tax amnesty regime

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By Richard Annerquaye ABBEY
Businesses that have not been tax complaint over the years must take full advantage of the recently passed Tax Amnesty Act to correct their non-compliance behavior, Ayesha Bedwei, Tax Partner at the Price water house Coopers Ghana has said.
Ms. Bedwei speaking to the B&FT on the sidelines of the 2018 inaugural session of the PwC’s Business School said, the Act passed last month, provides a rare opportunity for taxpayers to correct their non-compliant behavior for years up to 2017 by allowing them to make payment for unreported or under-reported taxes without the imposition of penalties and interest.
The tax measure is part of government’s plans to improve voluntary tax compliance as government seeks to meet its 2018 revenue projections. According to the budget, government is seeking to raise in excess of GH¢39bn as taxes.
The seminar held last week was attended by Chief Executive Officers among other c-suite officers drawn from a number of organizations to shed more light on the opportunities inherent in the Tax Amnesty Act among other areas of tax reporting.
According to Ms. Bedwei, the seminar also provided the opportunity for the top business managers to discuss updates within the country’s tax regime especially those that were presented in the 2018 national budget.
Tax Amnesty
The Act, passed under a certificate of urgency has eight clauses, among which are amnesty for taxes, penalties and interests, and prohibits the Commissioner General from assessing or recovering taxes, penalties and interest in respect of previous years up to and including the 2017 year of assessment.
Clause Two deals with amnesty for penalties and interests and prohibits the Commissioner-General from assessing or recovering penalties in respect of the previous year’s up to, and including the 2017 year of assessment from a person where that person submits returns or amended returns containing previously undisclosed liabilities up to the 2017 year of assessment on or before 30th September, 2018 and pays all assessed and outstanding taxes.
Clause Three provides the scope of tax amnesty; Clause Four deals with the application of tax amnesty and specifies the time frame, requirements and procedure for applying the tax amnesty.
In Clause Five, there is provision for complaints and determination of complaints; while Clause Six deals with payment terms; Clause Seven deals with tax remission and Clause Eight provides for administrative guidelines.