by vintandaletheia | Jun 2, 2024 | Know Your Regulator Series
- Our Regulator for today is the Ghana Revenue Authority (“GRA”). GRA is governed by the Ghana Revenue Authority Act 2023 (Act 1096) and Internal Revenue Act 2000 (Act 592) (the “Acts”). The Acts regulate the administration and payment of taxes in Ghana.
There are various types of taxes paid by companies and individuals in Ghana, some of which are as follows:
Corporate Income tax (imposed on a company’s total income).
- Personal Income Tax (imposed on an individual’s income).
- Pay As You Earn “PAYE” (imposed on employee salaries).
- Value added Tax (imposed on the supply and import of goods and services).
- Excise Duty (imposed on the manufacture, sale or consumption of some selected products such as alcoholic drinks, tobacco products and petroleum products).
- Customs duty (imposed on goods imported into the country, or exported from the country)
- Mineral Royalties Tax (imposed separately on the income of a person engaged in mining operations)
- Gift tax (imposed on gifts received by individuals if that gift is not in respect of business or employment)
- Rent Tax (imposed on rent).
It is important to note that individuals are no longer required to acquire a TIN before filing their taxes as it has been replaced with the Ghana Card. This however does not apply to companies and partnerships.
by vintandaletheia | Jun 2, 2024 | Know Your Regulator Series
Our Regulator for today is the Ghana Investment Promotion Centre (“GIPC”). GIPC is governed by the Ghana Investment Promotion Centre Act 2013 (“Act 865”) and is responsible for regulating all forms of foreign direct investment in Ghana and technology transfer agreements.
The following entities are required to register with GIPC, after incorporation or registration at the Companies Registry:
- Wholly owned foreign companies;
- Joint venture companies partly owned by foreigners;
- External companies or branch offices of foreign companies; and
- Technology Transfer Agreements
Wholly owned Ghanaian companies may also register with the GIPC in order to enjoy the incentives offered under Act 865 such as certain tax exemptions.
It is important to note that some enterprises are reserved for Ghanaians or wholly owned Ghanaian companies such as:
- lotteries and pool betting;
- small scale taxi and car hire;
- barber and beauty salons;
- printing of recharge cards;
- production of stationary;
- pharmaceutical retail;
- production and sale of sachet water; and
- petty trading businesses.
by vintandaletheia | May 27, 2024 | Know Your Regulator Series
Our Regulator for today is the Ghana Standards Authority (“GSA”). GSA is governed by the Standards Authority Act 2022 (Act 1078) (the “Act”) and is in charge of the following:
- regulating weights and measurements in the country;
- setting up laboratories and facilities for research, and encouraging educational efforts and sharing information on standardization;
- maintaining a collection of library and museum materials related to standardization and allied subjects;
- promoting industrial efficiency; and
- ensuring the production of high-quality goods and services for both local and international consumption.
The GSA is obligated to fulfill assessment requirements placed on them by emerging trade markets, such as the African Continental Free Trade Area (AfCFTA).
by vintandaletheia | May 27, 2024 | Know Your Regulator Series
Our Regulator for today is the Collateral Registry (the “Registry”). The Registry is governed by the Borrowers and Lenders Act 2020 (Act 1052) (the “Act”).
The Bank of Ghana operates the Registry and some of the core functions of the Registry are:
- registration of collaterals;
- conduct of searches on registered collaterals;
- facilitation of realization or foreclosure of collaterals upon default by a borrower to pay a loan; and
- discharging registered collateral upon application by the lender.
The Registry has a software referred to as the Collateral Registry Application Software (CRAS) where registered users can log in to patronize the services offered whilst unregistered users can also visit their website to file a search on collaterals used for lending transactions.
The Act regulates the registration of interests such as charges, mortgages and pledges in properties (movable and immovable) used as collateral for lending transactions.
by vintandaletheia | May 24, 2024 | Know Your Regulator Series
Our Regulator for today is the Allied Health Professionals Council (the “Council”). The Council is governed by the Health Professions Regulatory Bodies Act, 2013 (Act 875) (the “Act”) and it is responsible for training, registering and licencing Professionals in Allied health in Ghana.
The Allied health practitioners that are required to register with the Council are:
● Medical laboratorist (such as Medical Laboratory Technicians and Medical Laboratory Scientists);
● Physiotherapists;
● Medical radiation practitioners (such as Medical Imaging Technologists, Diagnostic Radiographers, Ultra sonographers, Magnetic Imaging Radiographers, Radiation Therapists, Nuclear Medicine Technologists, and Radiological Technicians);
● Dietherapy and Nutritionists;
● Dental health professionals (Dental Surgery Assistants, Dental Therapists, and Dental Hygienists);
● Therapists (Occupational therapists and Speech therapists);
● Prosthetics and Orthotics;
● Medical physicists;
● Health information managers (Bio statistician, Medical Records Officers, Medical Statisticians, and Health Information Administrators);
● Sanitarians; and
● Optometry Practitioners (Optometrist, Optical Technicians, and Optical Dispensing Technician).
The Council is mandated by the Act to register these practitioners and a person cannot practice as an allied health practitioner or allied health care provider unless that person has registered with and obtained the appropriate licence from the Council. The licence is valid for a year and it must be renewed annually. The Council also has the right to enter the premises of Allied health practitioners to ensure that they are complying with the Act.
Failure to register with the Council before commencing practice or to renew a licence is an offence punishable by a term of imprisonment of not more than 2years or a fine of at most GHS 6,000 or both.
It is important to note that all foreign trained allied health practitioners and allied health care providers are also required to register with and obtain a licence from the Council before they can practice in Ghana.
Furthermore, the above health practitioners are also guided by the Public Health Act, 2021 (Act 851) and the Mental Health Act, 2012 (Act 836) in their practice.
