Ghana Revenue Authority Targets Oversea Accounts for Unpaid Taxes

The Ghana Revenue Authority (GRA) has announced its intention to pursue accounts of Ghanaians living overseas who are not fulfilling their tax obligations.

This revelation follows the examination of 70,000 accounts held by Ghanaians in 40 different countries.

Commissioner General of the Ghana Revenue Authority, Rev. Dr. Ammishaddai Owusu-Amoah, disclosed this information on PM EXPRESS BUSINESS EDITION with host George Wiafe.

The accounts analyzed amounted to $2.8 billion, and the GRA has assessed a tax liability of ¢1.6 billion based on their findings.

Rev. Dr. Ammishaddai Owusu-Amoah highlighted that this comprehensive study was completed in just two months. He further revealed that more data is expected in the first week of January 2024, potentially leading to additional revenue inflows.

The legal basis for this initiative lies in the Organization for Economic Co-operation and Development (OECD) Agreement on the automatic exchange of information among member countries.

Dr. Owusu-Amoah explained that 150 countries, including Ghana, have signed this agreement, enabling mutual sharing of information for tax purposes.

The Commissioner-General emphasized that this exchange of information is crucial not only for tax collection but also as a measure against money laundering.

Ghana, being one of the fifth countries in Africa to meet the conditions for the OECD agreement in 2022, solidifies its commitment to international cooperation in combating tax evasion.

Rev. Dr. Ammishaddai Owusu-Amoah outlined the process for residents in Ghana who may not cooperate with the GRA.

While they will initially be given time to comply, failure to do so will result in the application of necessary penalties.

In a bid to encourage compliance, the GRA is set to introduce a Special Voluntary Disclosure Program (SVDP) for foreign nationals and businesses in Ghana.

This initiative, 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 participants to voluntarily disclose any unreported or underreported information related to their financial activities outside Ghana.

Participants may be eligible for a reduction in penalties under this program.

Rev. Dr. Ammishaddai Owusu-Amoah assured that all information provided under the Voluntary Disclosure Programme will be treated with utmost confidentiality, with stringent protocol measures in place to protect data security and privacy.