Ghanaians reminded of 10% tax on Christmas hampers

The Ghana Revenue Authority (GRA) has reminded Ghanaians of the country’s laws on gift tax. The GRA says this tax payment originates from the Internal Revenue Act 2000 (Act 592) which charges individuals to pay 10% tax on presents that they receive from other people, according to a Daily Graphic report.
The GRA says hampers worth over GH¢50 received as gifts during this Christmas festive season are taxable by 10%. This is known as the gift tax, it says.

The Acting Head of Operations (IRS/Domestic Division) of the GRA, Mr James L. Anaman in an interview with the newspaper urged Ghanaians to abide by this law since they would be considered as “first-class citizens of the country”.

Christmas, is most often marked with presentation of gifts and sharing of hampers.

For more details of the law click here

By Ekow Quandzie
Ghanabusinessnews.com