The Ghana Revenue Authority (GRA) has announced a voluntary disclosure opportunity for taxpayers to declare their foreign income accounts within three months, starting May 1, 2024.
According to the authority, taxpayers who comply with this directive will have the interest on their accounts waived.
In a series of posts shared via X, the Commissioner-General of the GRA, Julie Essiam, said the implementation of the tax declaration policy on foreign income accounts has already begun. She added that GRA teams are already drafting letters to be dispatched to individual account holders.
This follows an earlier announcement made by the Commissioner-General stating a new compliance measure targeting the foreign incomes of resident Ghanaians.
This initiative is set to replace the suspended Value Added Tax (VAT) on electricity and aims to generate sustainable revenue beyond 2024.
Source: ghanaweb
