Amnesty on Penalty for Uncustomed Vehicles
The Customs Division of the Ghana Revenue Authority granted a two-month amnesty from August to the end of September 2024 to users of uncustomed vehicles. The amnesty aims to waive all penalties users of such vehicles would have been liable had the vehicles been impounded.
The public has therefore been encouraged to take advantage of the amnesty period and regularize the documentation of their vehicles that had been illegally imported into the country to prevent their vehicles from being impounded after the period.
Implementation of VAT Implementation of the Additional Oil Entitlement (AOE)
In an administrative guideline issued, the GRA, as part of implementation procedures, has designed an AOE return to enable upstream petroleum contractors/operators to comply with the AOE requirements in their respective petroleum agreements (PAs).
Contractors are therefore required to complete an AOE return from the beginning of their commercial operations in Ghana up to the 2023 year of assessment and submit the completed returns, including that of 2023 year of assessment by September 30, 2024.
Tax Incentives
The government announced the provision of tax incentives to companies in the extractive sector who partner with the government to implement strategic road construction projects in its mid-year review of the 2024 budget.
Additionally, the scope of beneficiaries of tax incentives under the Ghana Automotive Development Programme would be broadened to include manufacturers of two- and three-wheeled electric vehicles.
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Source: WTS Global – Original text