Are you aware that under the Income Tax Law, a person is obliged to file a return of income for a year of assessment not later than four months after the end of the year of assessment?
In line with the above, the Commissioner-General of the Ghana Revenue Authority (GRA) reminds all taxpayers including companies and entities, whose basis period end on 31st December; partnerships, individuals including self-employed persons to furnish their Return of Income for the 2016 Year of Assessment not later than 30TH APRIL, 2017.
The Return of Income shall specify:
• the assessable income of the person for the 2016 year of assessment
• the chargeable income of the person for the 2016 year of assessment and the tax payable with respect to that income
• tax paid by the person for the 2016 year of assessment
• the remainder of the tax to be paid for the 2016 year of assessment
The Return of Income shall include a declaration that the return is complete and accurate and signed by the person making the return.
RETURNS BY EMPLOYERS
All employers are also requested to submit to the Commissioner-General the Employer’s Annual Tax Deduction Schedules for the 2016 year of assessment which shall specify tax withheld in respect of each employee not later than 30th April, 2017.
Income Tax Return Forms and Employer’s Annual Tax Deduction Schedules are available at the Large Taxpayer Office (LTO), Medium Taxpayer Offices (MTOs), Small Taxpayer Offices (STOs) throughout the country and the GRA website www.gra.gov.gh.
NOTE: Taxpayers are to note that failure to furnish a Return of Income within the time stipulated attracts a penalty of GH¢500 and a further penalty of GH¢10 for each day that the failure continues.