GIPC Event Last Tuesday: Business Leaders Call For Speedy Formation Of Tax Appeals Board


GIPC Event Last Tuesday: Business Leaders Call For Speedy Formation Of Tax Appeals Board

Last Tuesday GNBCC’s General Manager was invited to take part in GIPC”s Economic Counsellors Dialogue which was held at GIPC’s Conference Room in the Vivo Building, Cantonments.

The morning was opened by GIPC’s Boss Yofi Grant who told the audience about his 3 O’s concerning investing in Ghana: Opportunity, Openness and Optimism. Concerning the Covid pandemic snd the new normal he stated that tax exemptions and/or tax holidays are granted for the waste processing industry, agric and agro-processing companies as well as for companies in the construction of low cost housing . Also losses can be carried forward for 3 to 5 years when paying company taxes. Also because the tourist industry has been hit severely by the Covid there will be a 30% rebate for the tourist industry its taxes. 

Below an article from the website and the GIPC event: Business Leaders Call For Speedy Formation Of Tax Appeals Board

Business leaders at the maiden Ghana Investment Promotion Centre (GIPC) Economic Counsellors Dialogue have urged government to expedite the composition of the Independent Tax Appeals Board (ITAB), the new statutory body set up to adjudicate disputes between taxpayers and the Ghana Revenue Authority (GRA).

The board was created through the Revenue Administration (Amendment) Act 2020, which became law in October last year. One of its goals is to limit taxpayers’ recourse to the law courts to settle their tax disputes, as the board will be the first forum to hear appeals against contested decisions of the Commissioner-General of the GRA.

According to Simon Madjie, the Executive Secretary of the American Chamber of Commerce Ghana, who was one of the panelists at the Economic Counsellors Dialogue, it is urgent that the board be formed to address concerns of the business community in the country.

“Our members are interested to know when the Tax Appeals Board will be constituted so they can go to the board for answers when they are slapped with assessments from the GRA,” he said.

Similarly, Adjoba Kyiamah, Executive Director, UK-Ghana Chamber of Commerce, indicated that the delay in naming the board has gotten members of the chamber worried.

She also suggested that government should widen further the tax net to get more businesses in Ghana paying taxes.

The President of the Ghana-South Africa Business Chamber, Grant Webber, bemoaned the poor roads at the country’s mining sites as well as energy deficits in some towns, and urged government to move to address these challenges.

On his part, the CEO of GIPC, Yofi Grant, said the centre has partnered the World Economic Forum and United Nations Conference on Trade and Development (UNCTAD) to facilitate sustainable finance with regard to the sustainable development goals investment roadmap.

A representative from the Ministry of Finance, Eva Mends, touched on the Ghana Cares Programme, which she said is focusing on trade, industry, agriculture, tourism, science and technology.

“The Ghana Cares Programme is not just to address the impact of the pandemic but to drive the country’s transformational agenda,” she added.


GNBCC | News