{"id":188631,"date":"2016-02-10T15:09:30","date_gmt":"2016-02-10T15:09:30","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=188631"},"modified":"2016-02-10T15:09:30","modified_gmt":"2016-02-10T15:09:30","slug":"parliament-approves-withdrawal-of-1-interest-tax","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/02\/parliament-approves-withdrawal-of-1-interest-tax\/","title":{"rendered":"Parliament approves withdrawal of 1% interest tax"},"content":{"rendered":"<p style=\"text-align: justify;\">Parliament on Wednesday February 10, 2016, approved the\u00a0Income Tax Amendment Bill.\u00a0The new Act, when signed by the President into law, will remove a recently imposed 1 percent tax on interests earned by investors, and also cut withholding tax from 15 percent to 7.5 percent.<\/p>\n<p style=\"text-align: justify;\">A blistering wave of sustained public anger forced the Mahama-government to rush to Parliament with the bill after a law passed last year, imposed what critics have called killer taxes, sparking fears that investments in Ghana could plummet and also suffocate businesses.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;2fc941jS8BLWZ3lqTQoaLuxraRBUo091&#8243;]It is not clear as to when Parliament will communicate it&#8217;s decision on the new act to the President for action, but insiders say the &#8220;House is likely to act with extreme urgency in notifying the President on the matter&#8221; given the &#8220;huge public, business and investor interest in the provisions of the new legislation.&#8221;<\/p>\n<p style=\"text-align: justify;\"><strong>Stop charging 1% interest tax &#8211; GRA<\/strong><\/p>\n<p style=\"text-align: justify;\">The Ghana Revenue Authority (GRA) on January 13 2016, directed all financial institutions to stop charging the 1% withholding tax on interest earned by individuals.<\/p>\n<p style=\"text-align: justify;\">However, the move by the GRA generated angered some members of parliament since in their view, the GRA could not carry out such an action\u00a0without recourse to Parliament.<\/p>\n<p style=\"text-align: justify;\">A member of Parliament&#8217;s Finance Committee,\u00a0Dr. Mark Asibey Yeboah argued <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/4cd.e16.myftpupload.com\/2016\/01\/15\/mp-descends-on-gra-for-stopping-1-interest-tax\/\" target=\"_blank\">this point out\u00a0<\/a>\u00a0<\/strong><span style=\"color: #333333;\">out in an interview with <strong>Citi News<\/strong>.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\u201cIf Parliament passes a law, the president assents to it, and that is the position of the law. Even the President in his press conference was not able to send a message to Ghanaians that nobody should pay that tax; the Minister of Finance cannot say same. Now the GRA sends a directive to financial institutions to stop collecting the tax. I think it\u2019s a not right, they shouldn\u2019t have done that and as the law stands, they should go ahead and collect the taxes because it is only Parliament that can reverse the decision,\u201d he insisted.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Richard Dela Sky\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parliament on Wednesday February 10, 2016, approved the\u00a0Income Tax Amendment Bill.\u00a0The new Act, when signed by the President into law, will remove a recently imposed 1 percent tax on interests earned by investors, and also cut withholding tax from 15 percent to 7.5 percent. A blistering wave of sustained public anger forced the Mahama-government to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,10,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parliament approves withdrawal of 1% interest tax - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2016\/02\/parliament-approves-withdrawal-of-1-interest-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament approves withdrawal of 1% interest tax - Citi 97.3 FM - Relevant Radio. 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