Kofi Ahovi

  Daniel Nuer of Ghana’s Ministry of Finance has intimated that the Ministry will consider the request for an upward review of the threshold of Withholding Tax (WHT) deductions on the supply of goods, services, and works during the review of the Income Tax Act. The WHT rates are 3% for goods, 7.5% for services, and 5% for works on cumulative payments to a person exceeding a threshold of GHS 2,000.00 per annum. Speaking during the UK-Ghana Chamber of Commerce (UKGCC) and PwC Ghana’s webinar on “Withholding Tax in Ghana: What Businesses Need to Know,” Nuer added that the Ministry, as part of the reviews of the tax laws, will also consider reviewing the rates for depreciation of vehicles together with several other nominal figures in the Act which have not been changed for a period of time. Maymuna Haruna, Senior Manager at PwC Ghana and webinar moderator, welcomed the news. I think that’s good news to most taxpayers. The general sentiment with some of my clients is that the threshold...

 Effective January 1, 2022, small-scale miners (SSM) will no more be required to pay three per cent withholding tax on gold at the point of export through the Precious Minerals Marketing Company (PMMC). This follows the government's fiscal policy to scrap the three per cent withholding tax on processed gold and replace it with 1.5 per cent withholding tax on unprocessed gold. The Minister of Lands and Natural Resources, Samuel Abu Jinapor, who made this known, stated, “ "For the avoidance of doubt, there will be no tax collected at the point of export through the PMMC from small-scale miners," he stressed. Jinapor, who said this in a virtual address at the 7th Ghana Mining Industry Awards (GMIA) held in Accra last Friday, said the decision was arrived at after thorough stakeholders engagement on the merit of the three per cent withholding tax policy. The Ghana Revenue Authority (GRA) implemented the three per cent withholding tax policy on the export of gold from the coun...