Tax Archives - Ghana News Express

Finance minister Dr. Cassiel Ato Forson has expressed serious concerns about the negative impact of tax exemptions on Ghana's revenue mobilisation and the under-capitalisation of the extractive sector. He highlighted the significant fiscal challenges facing the nation, stressing that tax exemptions on Value Added Tax (VAT), Personal Income Tax (PIT), and import duties are estimated to result in a "staggering" 3.9 percent loss of GDP. The Minister made the statement during a presentation on the true state of Ghana's economy at the two-day National Economic Dialogue in Accra on Monday. He emphasised that those figures did not include corporate income tax exemptions, which further exacerbated the revenue shortfall. "While these exemptions often offer temporary relief, they ...

The International Chamber of Commerce (ICC) has ruled in favour of Tullow Ghana in a high-stakes tax dispute with the Ghana Revenue Authority (GRA). The issue was on the application of Branch Profit Remittance Tax (BPRT) on Tullow Ghana's operations. The ICC Tribunal concluded that Branch Profit Remittance Tax does not apply to Tullow Ghana under the tax framework stipulated in its Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern operations in the Jubilee and TEN oil fields. This decision absolves Tullow Ghana of a $320 million tax liability previously assessed by the GRA and ensures the company faces no future exposure to BPRT under the agreements. The ruling underscores the binding nature of the Petroleum Agreements, which form the lega...

Tag: Tax

Finance Minister raises concerns over tax exemptions and extractive sector under-capitalization

Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority