High and New Industrial Zone, Kexue Revenue, Zhengzhou, China
A company is taxed at a standard rate of 25 on taxable corporate income. However, particular sectors enjoy special concessionary rates as well. 3.2 Value Added Tax VAT VAT is charged at a flat rate of 12.5 on the supply of goods and services except those expressly exempted or zero rated under the Act. 3.3 Withholding VAT Scheme
Jan 15, 2015 The Chamber of Pharmacy Ghana says the government has taken a decision to remove Value Added Tax on specified locally produced pharmaceutical products and on some of the raw materials used in ...
3.0 EXEMPTION FROM THE PAYMENT OF TAX ON UTILITIES Purchase Form 9B at a cost of 400 from the GFZA Secretariat. The form should be filled clearly indicating utility meter number and payment point electricity, water and telephone. GFZA then forwards the Application to VAT Service to exempt the FZE from
Jun 12, 2021 The Ghana Chamber of Mines is calling on government to exempt exploration companies from paying VAT on big ticket cost items such as drilling and laboratory services, to prevent dwindling investments in the industry. Effectively, the extent of actual exploration activity is diminished by upfront costs such as VAT on input and landholding costs. Thus,
Sequel to our August 2018 Tax update on the amendments to the Value Added Tax Act, 2013 Act 870, National Health Insurance Act, 2012 Act 852 and Ghana Education Trust Fund Act, 2000 Act 581, the Ghana Revenue Authority GRA has issued Adminis-trative Guidelines on the implementation of the new VAT regime. These guidelines are
Jun 26, 2019 Foreign entities can hold mineral rights in Ghana by incorporating a company in Ghana with its object among others been mining and exploration activities. The Ghana Investment Promotion Centre Act, 2013 Act 865 prescribes the minimum capital threshold for non-Ghanaians for participation in various sector of the economy including that of mining.
Aug 07, 2020 Value Added Tax VAT is a consumption tax levied at the rate of 7.5 on goods and services supplied to consumers for a fee. The primary law governing VAT in Nigeria is the Value Added Tax Act 1993 the Act, which provides for the administration of VAT and states the Goods and Services exempted from it.
Jul 29, 2021 Mining and upstream petroleum companies pay CIT at a rate of 35, while companies principally engaged in the hotel industry pay a reduced rate of 22. The CIT rate for companies engaged in non-traditional exports is 8, while banks lending to the agricultural and leasing sectors pay a CIT rate of 20 on income from those businesses.
Aug 03, 2020 In a correspondence dated July 31, 2020 and addressed to his colleague from Finance ministry, the Minister of the Budget wrote The Council of Ministers has decided, during its 41st meeting and within the framework of the mobilization of state revenue by the financial authorities, the suspension of the exemption from VAT on the imports by mining companies.
Jun 13, 2008 Many mining companies operating in the country currently enjoy tax exemptions on equipments brought into the country for the operations, do not pay VAT,NHIS and other taxes that help in
undertaking the construction of Ghanas Western Corridor Gas Infrastructure Project, which has been granted exemption from import duties, VAT, and corporate income tax by the Ghana Gas Company without prior parliamentary approval. In response to public pressure, the Minister of
are specifically exempt. There are no territorial jurisdictions in Ghana which do not belong to the VAT territory. State involvement There is a requirement for the state to own 10 of a mining companys shares. Company start-up Under the Companies Act CA, every company that intends operating in Ghana must register an entity with the Registrar
VAT purposes. The benefit of this is the recovery of input VAT incurred by the mining companies although this comes with the practical issue of seeking a refund from the tax authority, which could be time consuming to obtain in order to derive the benefit. Some of the non-tax issues plaguing the mining
Apart from the exempt goods and services, VAT of 2.5 is charged on goods and services made in Ghana and every imported good. Special Petroleum Tax Licensed oil marketing companies have imposed a special petroleum tax of 17.5 on the supply of specified petroleum products.
Aug 12, 2021 Total exemption from payment of withholding taxes from dividends arising out of free zone investments. Relief from double taxation for foreign investors and employees where Ghana has a double taxation agreement with the country of the investors or employees. Other non-monetary incentives are No import licensing requirements.
Value Added Tax, National Health Insurance Levy and Ghana Education Trust Fund Levy 18 Scope 18 Standard invoice credit scheme 19 Group registration 19 Tax representative 19 Exempt supplies 19 VAT, NHIL and GETFL incurred 20 VAT flat rate scheme 20 Withholding of VAT 20 ... control of the company is exercised in Ghana at any time during the year.
media and service-oriented companies. Energy utilities and resources Mining, exploration and renewable energy ... VAT flat rate scheme 24 Group registration 24 Tax representative 24 Exempt supplies 25 VAT and NHIL incurred 25 Withholding of VAT 25
Aug 21, 2019 Mining companies operating in Mali will no longer be exempt from VAT during production and will have a shorter period of protection from fiscal changes, according to a new mining code announced by ...
Feb 24, 2019 In the last eight years, tax exemptions in respect of import duties, import VAT, import NHIL and domestic VAT have grown from GHc392 million in 2010 to GHc4.66 billion in 2018.
May 04, 2020 Ghana requires a particular method of setting up a mining support service company with a license from the Minerals Commission to provide mineral rights companies with the support services needed. To obtain a permit in Ghana for the provision of mining support services in the mining sector, an applicant has to go through a three-pronged process.
1. GHANAS GOLD MINING SECTOR In 2012, oil overtook gold as the commodity that generates the most revenue in Ghana. However, the mining sector remains an important source of revenue within the country.5 The government revenue generated from the 10 international gold mining companies referenced in this report accounted for around four percent of
Jun 25, 2020 Mining Companies are given exemptions from paying customs duty, Value Added Tax VAT and National Health Insurance Levy NHIL on plant, machinery, equipment and accessories imported specifically ...
