Tax and Regulatory Journal | March 2024
This is maiden edition of the Tax & Regulatory Journal. This edition focuses on five articles from the Tax Controversy and Dispute Resolution (TCDR) team.
In this edition:
Tax and Regulatory Journal – July 2024
Updates to previous edition: The journal begins with an update on taxation of unrealised exchange gains and the minimum chargeable income method, which were previously discussed. The tax authority has issued a Practice Note and a letter to clarify the tax authority interpretation of the law on these items.
High Court Case on imported service VAT/levies: An article summarises a High Court decision regarding VAT-associated levies on services provided by foreigners to businesses in Ghana. The judgment requires Ghanaian businesses to self-charge and pay these levies. This has implications for any business that receives services from abroad. The decision is currently being challenged.
Ghana Investment Promotion Centre Act Amendments: We discuss some of the proposed amendments to the Ghana Investment Promotion Centre Act, 2013 (Act 865). We touch on the removal of some capital requirements for foreign investors and changes to Technology Transfer Agreements, particularly regarding the non-deductibility of fees from unregistered agreements.
Tax Objection and Appeal Timelines: The journal reviews cases concerning the timeframe for appealing tax objection decisions. The High Court and Court of Appeal view communication with the tax authority after the authority has responded to a tax objection as contrary to the rules. This has caused some taxpayers to miss the window to file a notice of appeal. The Supreme Court has agreed to hear this issue and will determine whether any correspondence from the tax authority after it responds to a tax objection has any legal effect.
Re-characterisation of Payments to Distributors: Another article reviews the tax authority practice of treating payments to independent distributors as commissions and subjecting them to withholding tax. We submit that the courts erroneously treated normal commercial arrangements such as rebates and retail price maintenance as artificial arrangements designed to avoid paying withholding taxes.
Location Incentives and Tax Refunds: The final article discusses a case on location incentives, arguing they should apply only to the manufacturing business of a company, not its entire operations. It also contends that tax laws require taxpayers to apply for refunds within three years to avoid litigation.
Ongoing Updates: This edition includes a list of some pending tax cases in the courts. It also indicates the recent Practice Notes issued by the tax authority.
Previous editions
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Previous editions: Income tax, VAT, customs and trade alerts
24 results
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Leveraging technology in transforming tax administration and compliance.
The 12th CITG's Annual International Tax Conference, where our Tax Partner Dzidzedze Fiadjoe kicked off Day 1 with an insightful presentation on leveraging technology in transforming tax administration and compliance.
Tax Alert - Recent Amendments to the Tax Laws
Following the passing of the following tax laws in December 2023 by Ghana’s Parliament, the President has assented to the laws and they have been gazetted on 29 December 2023.
Tax Alert - Does the tax regime in Ghana cater for the evolved needs of Fintechs?
The advent of new technologies continues to disrupt existing traditional industries while creating new ones. In this article, we focus on fintech and its taxation challenges.
Tax Alert - Have our tax practices embraced ESG? (Part 2)
This article is the second in a two-part series of articles that seeks to discuss whether the tax practices in Ghana have evolved to meet the demands of ESG requirements.
Tax Alert - Have our tax practices embraced ESG? (Part 1)
This article is the first in a two-part series of articles that seeks to discuss whether the tax practices in Ghana have evolved to acknowledge the demands of the environment we operate in.
Tax Alert - 2021 Tax News from the Lens of a Tax Consultant (Part II)
In this edition, we will highlight some of the tax issues that happened in the third and final quarters of 2021.
Tax Alert - 2021 Tax News from the Lens of a Tax Consultant (Part 1)
As we face 2022 with optimism, let us recap some of the tax measures introduced in Ghana in 2021.
Tax Alert - 2022 Tax updates
In this article, we have explained the three new laws that have been enacted to amend existing tax laws on income tax, VAT and sanctions waiver.
Tax Alert - The Dawn of a New Transfer Pricing Regime in Ghana: Ghana TP 2.0 January 2021 - Part 1
A background and a high-level summary of the new Transfer Pricing (‘TP’) Regulations recently enacted by the Government of Ghana (‘GoG’) to regulate mainly the pricing of related party transactions of entities in Ghana.
Tax Alert - Application of the Arm’s length principle under Ghana’s New TP Rules - Part 2
This article discusses the provisions of the New TP Rules on a principle central to controlled transactions - the Arm’s length Principle (‘ALP’) and some major changes to some provisions that existed under the Old TP Rules.
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