By Hajara Fuseini

Copyright opemsuo

The Ghana Revenue Authority (GRA) has reminded the public to submit a return to the Commissioner-General for the determination of Tax on Gains on Realisation of Assets and Liabilities.

This, it said, must be done within thirty days after the realisation of the asset or liability.
This is in accordance with Section 39A of the Income Tax (Amendment) Act, 2023, Act 1094.

In a statement, it said investment or capital assets which attract Tax on Gains on Realisation of Assets and Liabilities include Land and buildings (other than your primary residence); Shares or securities; Business assets such as goodwill; and other investment assets.

“The standard rate of the tax is 25% of the gain. However, individuals have the option of paying a flat rate of 25% on the gain or choose to add that profit to their total income for the year and have it taxed at the normal (graduated) income tax rate.”

It added that non-residents who realise investment assets are also required to pay a final tax of 25% on the gross consideration.

“Additionally, persons paying for the acquisition of any investment or capital assets are required to withhold tax at a rate of 10% in the case of non-residents and 3% in the case of residents.”

Tax on Gains on Realisation of Assets and Liabilities is the tax paid when a person makes a profit from the realisation of assets such as land, buildings, shares, or other investments.

Story by Hajara Fuseini