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The Value Added Tax Service of Ghana is the Government of Ghana agency responsible for the mobilization of tax for the government. [1] The service was formed after the promulgation of the Revenue Agencies (Governing) Board Act in 1998.
The Ghana Revenue Authority (GRA) is the Ghana administration charged with the task of assessing, collecting and accounting for tax revenue in Ghana. [ 1 ] [ 2 ] As part of efforts to improve compliance, the Authority is required to assist taxpayers to understand and meet their tax obligations by providing robust and comprehensive advice.
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
The institute began operating as a professional body in 1978, and the Ghana Institute of Taxation was incorporated as a limited company on 2 May 1980. It became the Chartered Institute of Taxation on 8 February 2001. As of 2011 a draft bill was in the works to incorporate the CITG through act of parliament. [2]
The top income tax and corporate tax rates are 25%. Other taxes included with value-added tax (VAT), are the national health insurance levy, and a capital gains tax. The overall tax burden was 12.1% of Ghana's total domestic income in 2013. Ghana's national budget was the equivalent of 39.8% of GDP in 2013. [31]
Carousel fraud, explained by the Dutch State. Missing trader fraud (also called missing trader intra-community fraud or MTIC fraud) involves the non-payment of Value Added Tax (VAT) to a government by fraudsters who exploit VAT rules, most commonly the European Union VAT rules which provide that the movement of goods between member states is VAT-free.
The Nation Builders Corps, also known as N.A.B.C.O, [1] is a Ghanaian initiative to provide jobs to unemployed post-secondary school graduates (graduates of universities, training colleges, etc.) It was introduced by the government of Ghana .
Members of the organisation are the only persons recognized under the Companies Code (Act 179) 1963, to pursue audits of company accounts in Ghana. It is governed by a council of eleven members who are chartered accountants. The council, headed by a president, holds office for a period of two years.