Stop Charging 1% Interest Taxes - GRA Orders Financial Institutions

Stop Charging 1% Interest Taxes - GRA Orders Financial Institutions

The Ghana Revenue Authority (GRA) has in an official statement ordered all financial institutions to stop imposing the 1% interest tax on  interests earned by customers - a directive which follows proposals from the finance ministry to parliament to withdraw the bill which has resulted in a huge public outcry.

The issuance of the controversial new income tax law by the Ghana Revenue Authority (GRA) which was meant to replace the outdated Internal Revenue Act,  (Act 592) of which was took form in 1st January, 2016 is feared to have erupted severe political and public criticisms which saw the finance minister, Seth Terkper think twice over the economic development.

Meanwhile in a statement by the GRA, all financial institutions have been ordered to strictly go by the new directive.

Meanwhile, President John Dramani Mahama has been petitioned by political science lecturer at the University of Ghana, Dr. Alidu Seidu to as a matter of urgency sack the finance minister, Seth Terkper arguing that the finance minister has failed in managing the affairs of nation’s economy.

 

Related news

Man Utd vs Spurs and 4 other unmissable weekend clashes

Man Utd vs Spurs and 4 other unmissable weekend clashes

Man Utd vs Spurs and 4 other unmissable weekend clashes