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The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah, has announced that rent tax will be implemented before the year ends.
According to the commissioner, businesses Liable to pay Rent Tax include businesses or individuals who receive income from letting or leasing a property and an agency that qualifies to withhold tax.
Speaking at the Ghana Financial Intermediation Awards on Friday, June 11, 2021, the commissioner hinted that the Rent Tax App with data of every Ghanaian will allow the authority to know if a property is owner-occupied or rented.
He said, “For the good of everyone, we have introduced the rent tax app which has everyone’s data on it, if your name is searched the app will take us directly to your location and then when we get there we will be able to identify whether the property is owner-occupied or rented. This will not make it possible for anyone to hide from paying your taxes. If you have a property you are renting, start paying the rent tax. We should all be compliant with this new ideology. Currently, we have started implementing the app at Accra, Kumasi, Tema areas”
“Failure to pay your tax on rent income by the due date will attract an interest of 125% of the statutory rate compounded monthly. Remember to make available copies of all receipts of payment of rent tax for inspection by officers of Ghana Revenue Authority (GRA)” he added.
In an interview with Starr News, the commissioner revealed that the authority will soon launch the E-commence taxes for businesses that operate online, “We are paying our corporate income tax, we are paying our VAT, but there are some areas like the e-commence where taxes are not paid for, we enjoy Netflix and other online business platforms which we are paying no taxes on, I want to assure you that by the end of this year E-Commence taxes will be introduced”
Rent income accrues to someone as a result of letting or leasing a property to another person. The tax paid on rental income is referred to as Rent Tax. Rent Tax must be paid within 30 days after the rent income is received by landlords or property owners.
There are two rent tax rates: 8% for residential premises and 15% for non-residential premises. Payment of the rent tax can be made at the nearest Domestic Tax Revenue Division Office and at all banks.
At the Ghana Financial Intermediation Awards (GFI) which was held at Tang Palace Hotel on Friday, the award scheme awarded and recognized 15 financial institutions and personalities.
The awardees were Alhaji Salamu Amadu (Chairman, Afro Arab Group), Mukesh Thakwani (CEO, B5 Plus LTD), Paul Atsu Fiawoo (General Manager Asubonteng Rural Bank LTD), TF Financial Services LTB, Asutifi Rural Bank, Bonzali Rural Banks LTD, Bank of Africa BMCE Group, Republic Bank Ghana PLC, BESSFA Rural Bank, Atwima Kwanwoma Rural Bank LTD, EV Micro-Finance LTD, CIDAN Capital Micro –Finance, Bidvest Micro-Finance LTD, The Mint Micro –Finance LTD and Kintampo Rural Bank.
Rev. Ammishaddai Owusu-Amoah, H.E Mrs Francess Virginia Anderson (High Commissioner of Sierra Leone), Mrs Jacqueline Dufie Mpare (Non-Executive Director, Financial Inclusion Forum Africa and Mrs Antoninette Kwofie ( Executive Director of Finance and Regional CFO ABSA Bank) were special guests.
Source: Ghana/Starrfm.com.gh/103.5fm/Erica Arthur