The Ghana Revenue Authority (GRA) has announced its intention to pursue the accounts of Ghanaians residing overseas who are not fulfilling their tax obligations. This decision follows an examination of 70,000 accounts belonging to Ghanaians in 40 different countries.
In an interview on PM EXPRESS BUSINESS EDITION with host George Wiafe, Commissioner General of the GRA, Rev. Dr. Ammishaddai Owusu-Amoah, disclosed the outcomes of the assessment. He revealed that, for the 40 countries where the assessment has been completed, the total value of funds in these accounts amounts to $2.8 billion. However, the GRA has identified a tax liability of ¢1.6 billion based on their assessment. It’s crucial to note that this assessment does not imply that the taxes have already been collected.
Rev. Dr. Ammishaddai Owusu-Amoah emphasized that this information was derived from two months of diligent work by the GRA, with additional data expected in the first week of January 2024, potentially increasing the anticipated tax inflows.
The Commissioner-General explained that the GRA obtains this information through the Organization for Economic Co-operation and Development (OECD) Agreement on the automatic exchange of information with member countries and the exchange of information on request. This agreement, signed by 150 countries, enables Ghana to share information with other member countries and vice versa.
Rev. Dr. Owusu-Amoah highlighted the potential impact of this initiative in curbing money laundering and noted that Ghana is among the fifth African countries in 2022 that have fully satisfied the conditions to be part of the OECD agreement on sharing data for tax purposes.
Concerning residents in Ghana who fail to cooperate, Rev. Dr. Ammishaddai Owusu-Amoah explained that individuals falling short of their tax obligations will initially be given a grace period to comply. However, failure to do so will result in the application of necessary penalties by the GRA.
Furthermore, the Commissioner General announced the forthcoming launch of a Special Voluntary Disclosure Program (SVDP) for foreign nationals and businesses in Ghana. This program, operating under the Multilateral Competent Authority Agreement (MCAA) and the Standard for Automatic Exchange of Financial Account Information in Tax Matters Act, 2018 (Act 967), allows foreign nationals and businesses to voluntarily disclose any unreported or underreported information related to their financial activities outside Ghana for tax purposes.
Rev. Dr. Owusu-Amoah assured participants that all information provided under the Voluntary Disclosure Programme would be treated with utmost confidentiality, with stringent protocols in place to protect the security and privacy of their data.
