Dr. Mark Assibey Yeboah, chairman of the Finance Committee of Parliament, at the second reading of the Revenue Administration (Amendment) Bill said when implemented, the bill will reduce the amount of money the GRA spends in pursuing some taxes.
He said, “the Committee observed that the establishment of the independent tax appeals board to hear tax matters prior to adjudication in the law courts is expected to instill confidence in investors and reduce the time spent in litigation for both taxpayers and the Ghana Revenue Authority. The committee further noted that currently, taxpayers who fail to register with the revenue authorities or who fail to submit returns or make misstatements in documents or omit relevant information from documents can only be penalized when identified by the revenue authorities”.
Dr. Assibey indicated that, the strenuous challenges inflicted on taxpayers who make disclosure on infringement on tax laws will be sharply reduced once the bill is passed.
“This imposes a costly burden on revenue administration. The voluntary disclosure procedure included in this Bill will therefore relieve taxpayers who voluntarily make disclosures of these infringements of the tax laws and make it easy for the revenue authority to collect the revenue”.
Dr. Mark Assibey Yeboah
He added that “it will also encourage more tax payers to also come forward and register with the authorities without the fear of being asked to pay penalties. It is further expected that the passage of the Bill will lead to an increase of corrected returns filed with the revenue authorities.”
Among other perks, the final passage of the Bill will improve investor confidence as hearings will be determined faster.
Ghana Revenue Authority also believes the new amnesty regime should lead to the registration of Parliament is considering the report of the Finance Committee on the Revenue Administration (Amendment) Bill, 2020.
Motive for the Amendment of Bill
Mr. Kwaku Agyeman Kwarteng, Deputy Minister of Finance moved the motion for the second reading of the Bill.
He said the purpose of the Bill was to amend the Revenue Administration Act, (Act 915) to establish an ITAB to hear and determine appeals against tax decisions made by the Commissioner-General to allow for the payment of a shortfall in tax liability resulting from omissions or misstatements without payment of a penalty, and require subcontractors of government contracts to submit TCCs. about one thousand voluntary taxpayers.
A tax liability of such magnitude usually results from omissions or misstatements without payment of a penalty, and requires subcontractors of government contracts to submit Tax Clearance Certificates (TCCs).
