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COVID-19- Tax Update on Extension of Filing Deadlines and other Matters

Tax Update on Extension of Filing Deadlines and other

The Minister for Finance in his statement on Monday, 30 March 2020 to Parliament, outlined several measures to address the impact of the COVID-19 pandemic on the economy of Ghana, including some tax incentives. As stated in our previous bulletin on the above subject matter, some of proposals either required to be enacted into law or needed the written directive from the Commissioner-General before becoming effective and binding on both the revenue authority and taxpayers.

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Directives

The date for filing of Self-Assessment returns for companies whose year-end is 31 December has been extended from 31 March to 30 April 2020.

It should be noted that, even though this announcement came in late, companies who could not meet the 31 March 2020 deadline can do so by 30 April 2020.

Failure to file the Self-Assessment by this date attracts a pecuniary penalty of GHS500 and a further GHS10 for each day the default continues. Also, there is interest charge of 125% of the Bank of Ghana statutory rate compounded monthly applied to the amount outstanding at the start of the period

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