The government is developing regulations to back a “limited tax amnesty” system targeting non-resident defaulting taxpayers and some domestic individual defaulters.
The move is to ensure that these defaulters take advantage of the period to clear their tax obligations without the payment of penalties and other charges.
The initiative will also be expanded to benefit all taxpayers during the course of the year.
Explaining portions of the tax policy measures in the 2025 Budget at a virtual post budget forum by LIMA Partners, Director of Revenue Policy at the Ministry of Finance, Daniel Nuer, said this is an initiative to improve tax compliance.
“In line with the new approach, we’re looking at a programme to create what we termed as a limited amnesty in the sense that anybody who voluntarily walks to the Ghana Revenue Authority to pay tax has the opportunity to get a relief in terms of waiver of penalties on the outstanding payments”, he said.
“This has been expanded a bit more this year and there will be a legislation to support the initiative where now it’s not going to be just on the penalties but including interests. So the opportunity is given to individuals with foreign accounts but have not filed to come forward to do so by filling and there will not be any penalty or interests applied but they will only pay the taxes”, he advised.
The Post Budget Forum by LIMA Partners forms part of initiatives to inform the business community and clients about the importance of the government’s economic policy for the year and how to align.
Senior Partner at LIMA, Kwame Ampofo, highlighted some key initiatives in the budget and called on stakeholders to have a good understanding of the tax policies and how they affect their operations.
The Post Budget Forum was under the theme; “Navigating Tax Policies and Business Impact”.
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