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GRA to review tax exemption laws

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The Ghana Revenue Authority (GRA), is taking steps to review Ghana’s tax exemption laws to address revenue losses.

The GRA’s plan is to reduce to the barest minimum, the number of exemptions that are granted.

There are concerns that wholesale exemptions have resulted in the evasion of taxes by some beneficiaries.

Commissioner of Tax in charge of Domestic Revenue, Kwasi Gyimah Asante

The Commissioner in charge of the Domestic Tax Revenue Division, Kwasi Gyimah Asante, said the review will also help the government meet its revenue targets.

Mr. Gyimah Asante, was speaking at a news conference on the implementation of the new tax reforms in the midyear budget review.

The budget review revealed Ghana was short of its fiscal deficit target of 4.5% of GDP.

Finance Minister, Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta, also noted that experts have been contracted to work with the GRA to conduct forensic audits of companies in priority sectors and undertake audits of multinational enterprises.

The move according to him, is aimed at reshaping transactions that result in the nation losing huge monies from multinational companies.

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