Some have cast doubt over the policy’s ability to reduce tax evasion while others believe the policy could increase tax compliance.

The concerns were raised at a session on the relevance of the Tax Amnesty Law on businesses by the UK Ghana Chamber of Commerce on Tuesday, February 20, 2017.

Passed in December 2017, the tax amnesty bill seeks to improve voluntary compliance among taxpayers.

Under the law, defaulting businesses will be allowed to pay a revised tax obligation that they had been in default for a period of time.

The current law is expected to last for nine months; between January to September 2018.

The Technical Advisor to the Commissioner General, Henry Yentumi explained to Citi Business News, the scope of compliance they are seeking at the end of the period.

“First is to set the base line, we must come out in terms of our taxpayer numbers, the revenue that we expect which is also part of the thinking of promoting the amnesty as well as scheduling the various processes including the guidelines.”

This year’s amnesty period will be third time that the GRA has implemented the policy over the last decade.

Businesses demand critical feedback

For the CEO of the Private Enterprise Federation, Nana Osei Bonsu, the absence of the outcome of a similar exercise carried out in 2013, is likely to impact on the objective this time around.

“If we are going to do this time around, let’s review from the businesses’ perspective; why did you fail to comply, what happened to you; how is the situation affecting you, etc. because that is the area where we can actually bring value as voluntary tax compliance limits the cost of tax administration,” he stated.

Meanwhile a Tax Consultant with Ernst and Young, Isaac Nketiah Sarpong also explains that knowing the reasons for the non-compliance should help identify further mechanisms to correct the trend.

“The OECD reported somewhere in 2016 that only sixty – nine companies actually showed up to be registered when the Amnesty was passed in 2013. But as at now, we do not know how much came into the kitty as a result of the amnesty so these are things that I think should have been number one on the board of the GRA.”

GRA to resolve concerns soon

Reacting to these concerns, Mr. Yentumi stressed that the outcome should be produced as soon as possible which will influence the outcome of the existing amnesty rules.

“GRA is still working on not just administrative guidelines but still looking forward to what kind of information was available from the previous tax amnesty issued in 2013. But admittedly the information has not been readily available and there have been some slowness in getting some of these things out,” he explained.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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The event which is scheduled from 7^th to 9th February 2018 in Aberdeen, Scotland will involve conferences and exhibitions that seek to attract a broad range of experts to discuss the challenges facing the oil and gas industry, cost efficiency, new technologies and diversification, among other topics.

Attracting over 5,000 delegates and around 150 exhibitors, Subsea Expo is the world’s largest subsea exhibition and conference and it is organized. It is organized by Subsea UK, an industry body and focal point for the entire British subsea industry which aims to increase business opportunities in the UK and abroad.

Tony Burkson, the Chief Executive Officer (CEO) of UKGCC said “the chamber in collaboration with the Department for International Trade and Scottish Development International is happy to facilitate this because we believe Ghana has a lot to gain from her oil and gas sector by which we can boost our economy through the right technical skills and equipment”.

He further noted that the chamber will continue to assist in the development of the nation through activities that have direct influence on businesses and their investment decision-making processes. Adding that “the Subsea Expo will not only add knowledge about managing Ghana’s oil and gas sector, but also equip participants in the various practical divisions of the sector to be implemented for economic growth”.

Government officials from regulating institutions like the Ghana National Petroleum Corporation (GNPC) and Petroleum Commission will be participating in the event. Other industry companies such as Mcdan Shipping, Rigworld Services Limited, 7 Eleven Energy, Marine Masters Services Limited and Y & P Energy Limited are also expected to join.

About UKGCC

The UK – Ghana Chamber of Commerce (UKGCC) is a unique resource and a robust organization made up of local experts and professionals that will be the voice for British Businesses looking to access and engage with the Ghanaian market, whilst providing assistance to Ghanaian companies investing in the UK.

The organization facilitates and promotes trade and commercial relations between the UK and Ghana. It provides exceptional support for its members through the sharing of knowledge and ideas whilst hosting various activities designed to build stronger networks that will connect business and create further opportunities.

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Source: UKGCC

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According to him, UKGCC in the next few years is expected to be the major driver of trade and investment activities between Ghana and the United Kingdom.

“We intend to work closely with Yofi Grant and the GIPC to promote Ghana as an investment destination for British FDI and Technical expertise. Expect to see UK participation in railways, infrastructure, healthcare & technology,” he said.

Mr. Burkson said this in his address at the maiden edition of the ‘Business Excellence Awards and Dinner Gala’ held at the Mövenpick Ambassador Hotel in Accra.

The awards aimed at acknowledging excellence in business amongst companies operating in Ghana.

They also sought to create a platform for interactions between members of the chamber, top government officials of Ghana, as well as other key players in Ghana’s corporate community.

In his speech, Mr. Burkson indicated that “as a result of the strong fiscal discipline and macroeconomic prudence of this administration, led by the ever serene and competent Finance Minister and his team…Ghana is again an exciting investment destination and I can confidently say that interest in doing business in Ghana from UK companies has shot up over last few months”.

He further stated that, there was the need for government to initiate predictable and fair policies that are good for investment decisions with long term views.

“What we ask from the Government is predictable and fair policies. Investment decisions are made with long term view and constant changes in the policy outlook can affect investment decisions in the short term,” he said.

He added that “asking small SME’s and other medium sized companies looking to invest in Ghana to demonstrate $500k worth of capital available seems to be an overkill in my opinion”.

Mr. Burkson also expressed optimism in the new GIPC bill to help in the rectification of the anomaly.

In attendance at the awards were the Minister of Finance Ken Ofori-Atta, Deputy Minister of Trade Carlos Ahinkra, Chief Director of Business development Joe Tackie, British High Commissioner to Ghana H.E. Iain Walker, Deputy High Commissioner to Ghana Gavin Cook, Head of Investments and Business Development for the Office of the VP, Kadijah Amoah , Kow Essuman, Counsel in the office of the president.

Find below the full list of winners
Employer of the Year – Unilever
Exporter of the Year – Kasapreko
SME of the Year – Boomers
CSR Project of the Year – Vivo Energy
Logistics Company of the Year – McDan Shipping
Financial Institution of the Year – Barclay’s Bank

BEST OF BRITISH
Best Brand of the Year – Vodafone
Best CEO of the Year – Charles Darko, Tullow Oil
Most Successful Company of the Year – Vodafone

HIGH COMMISSIONER’S SPECIAL RECOGNITION
Best Think Tank – IEA
Improving Trade Between Ghana & UK – R. Yofi Grant & Adam Afriyie
Best Social Impact Project – Aqua Africa
Best in Innovation – Strategic Security Systems
British Entrepreneur of the Year – Ann Brewin, Clifton Homes
Best Engine Graduate – Decokraft
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Source: UKGCC

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The event, organized annually in honour of Ghanaian Veterans is to acknowledge Ghanaian Veteran Soldiers who devoted their time and sacrificed their lives for their nation. The event is expected to be held on Saturday 11^th November, 2017 at the British High Commissioner’s Residence in Accra.

The CEO of the Chamber, Tony Burkson says “UKGCC is happy to be part of this program. We acknowledge the great works of our Veteran Soldiers and we deem it important to celebrate them. By this, we pay due homage to them for their hard work”.

He further said “UKGCC will continue to support courses that seek to promote the interest of its members and the entire country”.

Darren Nichols who received the donation on behalf of the Defence Section of the British High Commission expressed appreciation to the UKGCC saying “We are grateful for the support you provide to the British High Commission, particularly the Defence Section.  We look forward to continue working with you for a successful event this year and beyond”.

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Source: UKGCC

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Taking over the diplomatic position from Jon Benjamin in August, H.E Iain Walker is poised to continue strengthening the relationship between UK and Ghana.

Addressing guests at the cocktail event held in Accra, H.E. Iain Walker said: “UKGCC is proud to be a year old and more grateful for the opportunity to connect businesses and create further opportunities.”

He congratulated the UKGCC team for achieving great milestones in the short period.

The Commissioner called on business communities to partner more, highlighting the huge benefits both organizations stand to gain.

In his welcome remarks, Mr. Tony Burkson, Chief Executive Officer of UKGCC thanked the members of the chamber for believing in the role of the chamber and always being ready to take part in activities that promote and boost their business relationship.

Dignitaries present at the anniversary cocktail included the Vice President of Ghana, H.E. Mahamudu Bawumia.

The Cocktail provided great networking opportunities for members of the chamber that were present.

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Credit: UKGCC

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The conference is a 4day event to be held in Aberdeen in Scotland from Tuesday, 5^th to Friday, 8^th September 2017.

Derrick Cobbinah, the Trade Services Advisor of the UKGCC, says” We believe the time is right for Ghana to develop and establish technical training in oil and gas among other related industries”.

“Quality human capital represents a key success indicator in our industry yet the cost of this can be staggering. In this era of low crude prices, oil and gas companies like Tullow Oil are always seeking ways to reduce cost by optimizing output using the most cost effective methods”, he added.

He has advised that partnering and learning from world class technical education colleges and universities represents the best model for Ghana.

Aberdeen, Scotland represents one of the best standards in oil and gas education in the world. Most of its 196,000 employees in the energy sector in Scotland were trained in Aberdeen.

The UKGCC therefore calls on key stakeholders to join and share ideas on improving Ghana’s oil and gas sector. It is also expected that the delegation will visit some top universities and colleges in Aberdeen to see what exists in the UK and Scotland, as well as what Ghana seeks to gain.

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Source: UKGCC

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The objective of the forum was to showcase Ghana and her business opportunities as a continuing re-energized and dynamic Sub Saharan African business partner.

The forum highlighted the renewed interest in Ghana by British businesses and investors.

Organized by the UK- Ghana Chamber of Commerce (UKGCC) in partnership with the Developing Markets Association (DMA), the forum attracted top government officials from Ghana like the Ghanaian High Commissioner to the UK, Papa Owusu – Ankomah, Ghana’s Senior Minister, Yaw Osafo-Marfo and the Prime Minister’s Trade Envoy to Ghana, Adam Afriye. It was the forth in series but the first with Ghana’s new government.

A number of specific investment sectors including railways, energy and infrastructure were discussed at the forum.

Ghana’s Senior Minister, Osafo Marfo in his remarks expressed the need for Ghanaian businesses established in the UK to invest in the various sectors of Ghana.

He said “Ghana is open for business. The government is private sector focused and keen to grow the economy through the private sector with support from the public sector.”

“Ghana is ready to do business to help improve her economy and foster development for the benefit of all parties”.  He added.

The CEO of UKGCC, Tony Burkson said, “This is the very reason the UK-Ghana Chamber of Commerce was formed – to act as a platform for Ghanaian businesses and UK businesses and UK government and Ghana government to interact in an open and transparent way. The chamber is taking this particular mandate very seriously and continues to promote interaction between our two countries.”

Businesses already invested and businesses looking forward to invest in Ghana had the opportunity to engage with the relevant ministers and officials present.

Some of the government officials present at the forum included the Deputy Minister of Energy, Joseph Cudjoe, Minister of Railway Development, Joe Ghartey, CEO, Ghana National Petroleum Corporation (GNPC), Dr. Kofi Koduah Sarpong, and the CEO, Ghana Investment Promotion Centre (GIPC) R. Yofi Grant.

The Forum was supported by: Ghana International Bank; INTL FCStone; Tullow Oil; Appolonia; Unity Link and Quantum Power.

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Credit: UKGCC

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Projects such as railway infrastructure, power projects (generation and distribution), general infrastructure needs among others were under discussion for the investment.

This agreement was made when the Senior Minister, Yaw Osafo Marfo and other Government of Ghana officials visited the offices of the CDC in the United Kingdom.

CDC revealed that they had several investments in Ghana which included Cal Bank, SG-SSB Ltd., Ghana Leasing Company, Ltd., Tropical Glass Company, Ltd., as well as supported several private equity firms who had in turn invested in several other projects to promote development in Ghana.

Speaking on the agreement to co-invest, Solomon Asamoah, CEO of GIIF said, “I’ve known and worked with the CDC for a very long time in my previous roles at the African Development Bank, the Africa Finance Corporation (AFC) and IFC.  It is very refreshing to hear the CDCs interest in Ghana”.

He added that “As the CEO of GIIF, my role and goal is not to simply invest the US$250m anchor money the GOG have provided for GIIF, but to also grow those funds.  Investing or co-investing with the CDC is the kind of package or plan that I believe will allow us to achieve this.”

He further appealed to the CDC to support Ghana through the infrastructure expansion phase that the country is about to undertake.

The Director and Head of Infrastructure Team at CDC, Sameh Shenouda expressed CDC’s intense interest in Ghana’s development. “CDC has a focus on the energy and utilities sectors of Ghana and will be happy to support investments into these sectors,” he said.

According to him, a partnership with GIIF gave CDC the assurance and risk mitigation required to make some of the investments. “We look forward to working with the GIIF and the rest of the team in Ghana to pursue investment projects that interests Ghana,” he added.

The Senior Minister, Osafo Marfo explained that the current government’s private sector focused approach to development expected to create more jobs through the private sector.

He encouraged the CDC to engage with the government of Ghana and Ghanaian businesses to enable them align their investment interests with that of the country. He also called on businesses to invest in the different sectors of the Ghanaian economy; agribusiness, railways, mining, energy, among others.

The other officials included the Minster for Railways, Joe Ghartey, the Deputy Minister for Energy, Joseph Cudjoe and the CEO of GIPC, Mr. Yofi Grant.

The visit was part of activities organized by the UK-Ghana Chamber of Commerce (UKGCC) with a big conference where over 250 British investors interested in Ghana met and deliberated on business opportunities in Ghana.

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Credit: UK-Ghana Chamber of Commerce

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Led by the Senior Minister, Yaw Osafo-Marfo, the delegation included the CEO of GIPC, Yofi Grant the Minister for Railways Development, Joe Ghartey, and the Deputy Minister for Energy, Joseph Cudjoe.

The visit was made possible to enable the delegation familiarize themselves with the operations and activities of the LSE.

Speaking to the LSE team, the Senior Minister, Yaw Asafo-Marfo indicated that Ghana was on a new path to development with a focus on the private sector.

According to him, approach to the new development path would involve mainly the private sector and with less concentration on the public sector.

Mr. Marfo also mentioned that the Chinese government has agreed to support development in Ghana adding that “China has agreed to lend Ghana over 10-15 billion dollars to help exploit her bauxite mineral holdings and other projects”.

He further encouraged the LSE to engage with the Government of Ghana to come up with innovative ways that would help her raise funds for ongoing and future projects.

The CEO of LSE, Nikhil Rathi, welcomed the delegation and stated that the diaspora consisted a number of Ghanaians working at the LSE.

“Indeed, the Commercial Director Kofi Abban-Sackey, a Ghanaian who has risen to a senior role within the LSE, is present in this meeting”, he said.

Mr. Rathi reiterated the LSE was ready to support Ghana in accessing the deep pool of liquidity and capital that it provided, and encouraged the government to do more by engaging the LSE in raising funds and bonds to support Ghana’s development.

Commenting on the visit, Mr. Abban-Sackey expressed that, “The one thing that separates wealthy nations in the West and most impoverished countries is the access to capital.  Given Ghana’s potential and abundance in natural resources and her relationship with the London Stock Exchange, presents Ghana with significant opportunities to raise capital globally”.

He urged the Government of Ghana to fully utilize the LSE’s unique range of capital raising platforms and solutions. He also said Ghana could seize the opportunity to build the requisite skills, expertise, and infrastructure to develop her capital markets as well as secure the country’s economic future.

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Credit: UKGCC

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NEIP will begin with a $10 million seed fund to be provided by government but will be scaled up to $100 million through the private sector and development partners.

The capacity-building programme will equip the youth in various fields to acquire entrepreneurial skills.
The Minister of Business Development, Ibrahim Mohammed Awal, announced this during an interaction with Chief

Executive Officers from various companies, who are also members of the UK-Ghana Chamber of Commerce, to deliberate on strategies to drive businesses in Ghana.

“Capacity- building is important to us in improving businesses. We also believe this will curb unemployment and make Ghana an entrepreneurial nation,” he added.

Awal further revealed that 70% percent of public funded projects would be given to Ghanaians out of which 10% will also be directed to start-ups, and also promised tax relieves for start-ups.

He agreed with participants on the importance of infrastructure in growing businesses, reiterating that “infrastructure is key and very important to us when we talk about business growth,” he added.

On how the government would fund projects, Awal indicated that government’s approach would be to realign taxes, work with budget, banks, business associations and the private sector.

He assured businesses of government’s plan to tackle inefficiency in public institutions through the Public Sector Reform Committee and encouraged participants to consult his ministry should they have challenges.

Awal reiterated government’s commitment in making Ghana a business hub through a number of strategies that will also improve the country’s economy.

He stated that government has started work on improving local businesses as a priority and would need the support of Ghanaians to make it a reality, adding that “It is our top priority to make Ghana a number one business nation at least in West Africa”.

Established in 2016, the UK-Ghana Chamber of Commerce (UKGCC) was launched to facilitate and promote the ever-increasing need for collaboration between SME’s and large multi-national corporations operating in the UK and Ghana.

The meeting, which involved about 20 members of the UKGCC from the telecoms, energy, logistics, finance, legal and business associations, also created a platform for the CEOs to share their concerns and challenges with the minister. It was also an opportunity for Mr. Awal to clarify issues concerning local businesses and ways to improve the Ghanaian economy.

According to him, “a criteria has been rolled out for the implementation of the ‘One District, One Factory’ initiative as part of government’s strategies in building the economy. Government is implementing this considering the raw materials and also employing the local people from these areas,” he said.

In his welcome address, the CEO of UKGCC, Mr. Tony Burkson, congratulated government for its work on improving Ghanaian businesses, and on behalf of the group, appealed to government to implement an internal policy that would protect local businesses from multinationals pervading the atmosphere.

Mr. Burkson also revealed that “the UKGCC is setting up a ‘Tax and Commercial Law’ committee to help hold government and office bearers accountable.

Mr. Edward Addo Jr. and Madam Linda Vasnani from Winmat Limited and Consolidated Shipping Agencies Limited (Conship) respectively, declared government’s new policies as positive and encouraging, and expressed hope that they would be implemented for constructive results. They both referred to difficulties in funding projects as one major challenge in their businesses.

Participants expressed appreciation to the UKGCC for making it possible for them to meet with the Minister.
The UKGCC also facilitates and promotes trade and commercial relations between the UK and Ghana, and provides exceptional support for its members through the sharing of knowledge and ideas whilst hosting various activities designed to build stronger networks that will connect business and create further opportunities.

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Source: The Finder

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