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GRA to soon taxing gifts? Check Out

In statement, the Ghana Revenue Authority proposes the imposition of tax or fee on gifts.
The GRA implied that anytime gift is received, the recipient must notify the authority and pay the necessary tax in social media post that attracted reaction from many Ghanaians.

 

Gift returns must be submitted to the Ghana Revenue Authority (GRA) within 21 days of receipt, according to the GRA.

 

In nutshell, whenever gift is received that is not related to business or job, person is required to notify the Ghahan Revenue Authority commissioner and pay tax on the gifts received.

The Ghana Revenue Authority in a social media post wrote:

Returns and Payment of Tax When a gift is received by an individual and that gift is not in respect of business and employment, the taxpayer shall within 21 days of receiving the gift, submit to the GRA in writing a return containing the following information:

The description and location of the taxable gift

The total value of the gift

How it is calculated and tax payable with respect to that gift

The full name and address of the donor of the gift

Any other information required by the Commissioner

That person shall remit to the Commissioner the amount of tax calculated as payable and the payment of tax is due at the time the return is submitted.

Aside from E-levy, it is obvious Ghanaians would need to pay the domestic tax on gifts received henceforth.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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