June 17, 2022

You Ought To Pay Taxes On Gifts; GRA To Ghanaians

The Ghana Revenue Authority (GRA) has issued a notice to Ghanaians advising and educating them on the payment of Gift tax.

“Gift tax according to Income Tax Act, 2015 Act 896, is when a person receives a gift in respect of their employment, business, and/or investment other than under a will, upon intestacy or by way of transfer to the spouse, child or parent of that person. Any such gift is taxable under the income tax law”, the GRA explained.

The value of such tax is determined by the market value of the gift at the time of the receipt.

Receivers of taxable gifts must, according to the GRA, within 21 days, submit to the GRA in writing a return containing details on the description and location of the taxable gift; the total value of the gift; how it is calculated and the tax payable with respect to that gift; the full name and address of the donor of the gift; and any other information required by the Commissioner.

Finally, the receiver of the gift shall remit to the Commissioner the amount of tax calculated as payable and the payment of tax is due at the time the return is submitted.

Source: opemsuo.com/Hajara Fuseini

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