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55% of tax revenue services debt – Ofori-Atta

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Ghana’s debt stock increases by 21% in 2018; now GHC173.2 billion

55% of tax revenue services debt – Ofori-Atta

Ghana’s Finance Minister Mr Ken Ofori-Atta has said close to 55 percent of Ghana’s tax revenue is consumed by interests on loans, alone.

He said in 2018, Ghana “raised GHS37.8 billion in tax revenues and spent GHS21.1 billion to service our loans – and by that, I mean, interest payments alone.”

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The less revenue the country generates, Mr Ofori-Atta noted, “the more we will have to spend because arrears and interests accrue and our maintenance culture suffers”.

Mr Ofori-Atta made this known at a Danquah Institute forum on the theme: ‘Bridging the gap between the formal and informal economy, the role of domestic revenue mobilisation in an era of Ghana Beyond Aid’, held at the College of Physicians and Surgeons on Friday, 10 May 2019.

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The Bank of Ghana’s Summary of Economic and Financial Data released in the first quarter of 2019 showed that Ghana’s debt stock increased by 21.5 per cent as of the end of 2018, adding GHS30.6 billion to the GHS142.6 billion debt of 2017.

Ghana’s debt stock, therefore, hit GHS173.2 billion.

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The country’s external debt at the end of 2018 stood at GHS86.3 billion.

The domestic component of the total debt stock was GHS86.9 billion.

The two represent 28.9 per cent and 29.1 per cent of GDP, respectively.

Source: classfmonline.com

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32 IDIF Factories Working – Exim Bank CEO

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32 IDIF Factories Working – Exim Bank CEO
32 IDIF Factories Working – Exim Bank CEO

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About 32 companies under the flagship One District One Factory IDIF have been completed and operational, Chief Executive Officer (CEO) of the Ghana Export-Import Bank, Lawrence Agyinsam has said.

According to him, over GH₵2 billion has been disbursed to over 119 companies under the initiative which are at various stages of completion.

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Speaking on Asempa FM’s Ekosii Sen programme Tuesday, Mr Agyinsam indicated that, they provided the ‘soft loans’ to industries under IDIF to create employment opportunities in the country.

 

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The decision, he stated, has so far yielded results since about 32 have employed a lot of youth in the country.

The Exim Bank boss was happy at the feat chalked by the pharmaceutical companies who he said have been up to the task since the outbreak of the COVID-19 pandemic.

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“Have any of the pharmaceutical companies complained about funds since the outbreak of Coronavirus? It tells you the support the bank and government have given them,” he said.

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Mr Agyinsam revealed that they have given monies to pharmaceutical companies in the country that have the World Health Organization accreditation to produce drugs.

The Exim Bank CEO also noted that about 160 small and medium scale enterprises have also benefited from the facility.

Mr Agyinsam said the Akufo-Addo government deserves commendation for such a flagship initiative that is creating jobs and will soon make Ghana African’s food basket.

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How to Apply for Tax Identification Number (TIN) Online in Ghana

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How to Apply for Tax Identification Number (TIN) Online in Ghana
How to Apply for Tax Identification Number (TIN) Online in Ghana

As part of their efforts to digitize Ghana’s economy, President Akufo Addo and his administration introduced a new taxation system known as TIN. It promises to revolutionize how taxes are collected in Ghana. This post shall teach you how to apply for tax identification number (TIN) online in Ghana.  The Ghana Revenue Authority (GRA) has its motto like “little drops of taxes make a mighty nation”. A smart tagline indeed! 

The Government has explained that apart from serving as a medium for tax collection, the new TIN will find uses in many spheres of our lives. Apparently, without a TIN,  you can’t register a business, clear goods at the ports, create a bank account — just to name a few. This means it’s important for all Ghanaian taxpayers and would-be taxpayers to acquire their TINs to avoid getting stranded in the last-minute. 

An online application for your Tax Identification Number will spare you the inconvenience involved in going to the GRA offices to register for your TIN. In the online application process, you are supposed to scan your ID card and fill some online forms.

What’s TIN?

TIN is a unique ID number assigned to Ghanaian taxpayers. Launched somewhere in the 2019/2020 academic year, the idea was originally conceived by the Akufo-Addo’s government who mandated the Ghana Revenue Authority to issue the TIN cards to Ghanaians.

What’s TIN Required for?

You will need a TIN number to access services offered by the following public institutions.

  • GRA (Ghana Revenue Authority)
  • District Assemblies
  • Controller & Accountant General Department
  • Registrar General Department 
  • All government institutions prescribed by legislative instruments.

How to Use TIN in Ghana

Believe it or not, the tax ID number is becoming a must-have document for even the ordinary Ghanaians. So, Who Qualifies to Apply for TIN?

The Ghana Revenue Authority has declared that the following people are all qualified to register for TIN in Ghana.

  • Income-earning Ghanaians with taxable income
  • Ghanaians who usually clear goods at the ports & factories
  • People seeking to register land titles
  • Ghanaians looking for tax clearance certificates
  • Entrepreneurs seeking to register their companies
  • Those who require permits from their district assemblies.
  • Those who receive their payments from the Controller & Accountant-General Department
  • Customers who want to open new bank accounts
  • Passport applicants

Requirements for Online TIN Registration in Ghana

  • Full Name
  • Email Address
  • Scanned Color copy of your valid ID card such as a Driver’s license and a Voter ID. File formats supported — .PDF, . jpeg, .jpg. The file size should not exceed 1 MB.

NB: there is no need for a Ghana Passport 

How to Apply for Your TIN Online in Ghana

  • Visit the GRA registration portal
  • Input your personal details and create a strong password
  • Click on the “Add” button to upload your scanned ID
  • Click on “Register”. A registration request will be sent to your email
  • Check your mail to confirm the request and proceed with the registration
  • After the system has verified your email and ID document, you can choose to print a copy of your registration details
  • Next, you will receive an email which explains extra info about the registration. Click on the link in the email to continue with the registration.
  • Enter your email and the password used earlier. Click on “Register”.
  • A page will open up for you to fill in your personal details, contact info, address, ID info, tax info, and an individual summary. Remember to save the details on each tab.
  • Once you finish that, click to submit your form. Assuming it all goes well, you should receive your within TIN two weeks or even less.
  • Congratulations! You have just signed up for TIN in Ghana.

Things to Note About TIN Registration in Ghana

  • If you use your Ghana Card to sign up for TIN, you may get your TIN number with immediate effect. However, it may take a longer time for the GRA to verify other ID documents before issuing you a TIN.
  • You can also apply by downloading the TIN form. Next, fill and submit it manually to a nearby Domestic Tax Revenue Office. Or, send it as an email attachment to tin.center@gra.gov.gh 
  • For support services, contact the GRA by sending a mail to info@gra.gov.gh or through telephone number 0302904546.

Conclusion

 As long as you are a Ghanaian, it’s better you get a TIN. After all, you can’t predict when and where you will need it. 

Following the outbreak of Covid-19 in Ghana, the government listed TIN as a requirement for people seeking to benefit from the Coronavirus relief fund. That tells you that you need to know how to apply for tax identification number (TIN) online in Ghana. Use the steps discussed here, and you’ll get your TIN right away.

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