Tax experts are urging the government to ensure the operationalisation of the Tax Appeals Board to arbitrate tax issues.

Many organisations including foreign entities hailed the establishment of the Board, but months after its formation, the Board is yet to start work.

Speaking at the Ghanaian German Economic Association (GGEA) “Meet the Government Series 2023” programme, Gordon Dardey, one of the tax experts with KPMG said businesses are anxious to see the Tax Appeals Board starting work.

“Government some time ago passed a law to say the way we go about tax objection process in this country, we need to look at it to adopt current practices that are internationally accepted. That is why government has introduced the Tax Appeals Board. After the introduction of the law, we have not seen the board in operation”.

“People are anxious to see the Tax Board in full swin,g but we are still discussing with government and we know that very soon this will be operationalised”, he added.

In terms of businesses mitigating the impact of government revenue measures, while staying compliant, Mr. Dardey urged businesses to undertake forecasting and planning to mitigate adverse tax exposure like overpayment and exposure to penalty and interest.

He also advised business to adopt and embrace the new electronic changes implemented by the Ghana Revenue Authority to enhance efficiency of business activities and minimize operational wastages.

The representative of the Ghana Revenue Authority spoke on the introduction of the Income Tax (Amendment) Act, 2023 (Act 1094) and Growth and Sustainability Levy Act, 2023 (Act 1095).

According to him, the Income Tax (Amendment) Act, 2023 (Act 1094) has amended the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals and introduce an additional income tax bracket; among others.

Also, he pointed out that the Growth and Sustainability Levy Act,2023 (Act 1095) imposes a special levy known as the Growth and Sustainability Levy to raise revenue for growth and fiscal sustainability of the economy and to provide for related matters.

The levy is paid by entities in 15 sectors.

Source: myjoyonline.com