What will happen to residents in Ghana who don’t cooperate?
Rev. Dr. Ammishaddai Owusu-Amoah furthered that persons who fail to meet their tax obligations will be given some time to comply with the GRA.
However, failure to do so will result in the authority going ahead and applying the necessary penalties.
GRA and Foreign Nationals and Businesses in Ghana
The Commissioner General also revealed that the Authority will soon roll out a Special Voluntary Disclosure Program (SVDP) for foreign nationals and businesses in the country.
This will allow foreign nationals in Ghana, including individuals and businesses, to voluntarily disclose any unreported or underreported information related to their financial activities outside Ghana for tax purposes.
The initiative is coming under the Multilateral Competent Authority Agreement (MCAA) and the Standard for Automatic Exchange of Financial Account Information in Tax Matters Act, 2018 (Act 967).
Rev. Dr. Ammishaddai Owusu-Amoah also explained that the Voluntary Disclosure Program encourages participants to voluntarily disclose their errors or omissions and may be eligible for a reduction in penalties that would typically apply to such violations.