eight taxes have been abolished<\/a><\/strong><\/span> under the NPP administration.<\/p>\nThey included the 1% Special Import Levy, Kayayei market tolls, 17.5% VAT\/NHIL on financial services, 17.5% VAT\/NHIL on selected imported medicines that are not produced locally, 17.5% VAT\/NHIL on domestic airline tickets, Duty on imported spare parts, 5% VAT\/NHIL on Real estate sales as well as Excise duty on petroleum.<\/p>\n
The following reviews were equally announced;<\/p>\n
Corporate income tax to be progressively reduced from 25% to 20% in 2018, replace 17.5% of VAT\/NHIL with 3% flat rate for traders, tax credits and other incentives for businesses that hire young graduates from tertiary institutions.<\/p>\n
Tax incentives for young entrepreneurs and reduce special petroleum tax rate from 17.5% to 15%.<\/p>\n
Policy initiatives<\/strong><\/p>\nMeanwhile the GRA has outlined key interventions aimed at strengthening the tax collection.<\/p>\n
Among them is the strengthening of the performance audit of companies; checking the possible abuse of transfer pricing and illicit flows as well as strengthening capacity within the revenue authority.<\/p>\n
According to Mr. Kofi Nti, the GRA intends to, \u201cCurtail the exemptions regime to generate revenue.\u201d<\/p>\n
–<\/p>\n
By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ghana Revenue Authority (GRA) is confident of meeting its ambitious revenue target of 34 billion cedis by the end of this year. [contextly_sidebar id=”Y9OJRthrp9AksB8mAv0pXp8X4bMlvcPf”]This comes despite the one billion cedis value of all the tax cuts announced in the 2017 budget. “We are hopeful that in 2017, though it is challenging, we have to […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,10,11],"tags":[3,2273],"yoast_head":"\n
GRA hopeful to meet 'ambitious' GH\u00a234 bn 2017 target - Citi 97.3 FM - Relevant Radio. Always<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n