Economic news for Friday, February 11, 2022
GRA to tax gaming, betting and e-commerce businesses
GRA sets revenue target of GH¢80.3 billion for 2022
Ghana must benefit from social media giants, GRA commissioner
The Ghana Revenue Authority is targeting GH¢2.7 billion in revenue collection through a “social media tax” aimed at widening the country’s tax net, according to a report by Graphic Business.
According to a commissioner of the Authority’s Inland Revenue Revenue Division, Edward Appenteng Gyamerah, of the total amount, his team hopes to collect GH¢1.7 billion from betting and gaming companies, while GH¢1 billion ¢ will be generated by social media companies. .
The GRA commissioner speaking to the portal explained that the move was necessary to ensure that the country benefits from these social media giants which often operate outside the country.
“As I speak to you, we have developed a system to track the activities of non-resident individuals and institutions that use our space to conduct business.”
“We’ve also had interactions with Google, Netflix and all these companies that operate in the space and some of them have already asked to register so they can start complying,” the commissioner said. the National Tax Division at Graphic Business.
Edward Gyamerah further stated that the coronavirus pandemic has revealed the huge revenue potential of the e-commerce, betting and gaming industry and it is for this reason that the GRA is rolling out a comprehensive policy to increase revenue of the country through the tax system.
“The GRA has concluded consultations and outreach with key players on the new regime, and this has led to some companies beginning to register their companies as part of compliance,” it notes.
Meanwhile, the taxation of gaming, betting and e-commerce businesses due to take off in 2021 has not progressed due to certain circumstances.