The most recent forecasts for 2015 are in, and it seems that the 6.9 percent to 7.1 percent target of the government for 2014 and the 7.1 percent to 8 percent goal for 2015 will be a too-challenging feat, especially with global economic forces weighing down on the local economy along with other home-grown issues threatening the growth momentum. – Read More
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Guide to Real Estate Tax in Ghana
Every country seeks to develop and Ghana is no different. With development comes resource management and this is used to fund activities that enhance the profile of a country. A number of methods are employed to pool resources and one such method is taxation.
Taxes can be generated from a wide variety of sources such as from personal income, company profits and even gifts. The real estate industry in Ghana is just one of many sectors taxed to ensure that the nation reaps financial rewards. Online property portal Lamudi has compiled a list of taxes to expect in the real estate industry in Ghana. – Read More
BoG under pressure from AGI, GREDA
The Bank of Ghana (BoG) is under pressure from some business groupings to relax its directives meant to discourage the use of forex in the country and stabilise the weakening Cedi against the major trading currencies.
Although the bank had previously clarified the directives, which it issued in the wake of a consistent depreciation of the local currency, the Association of Ghana Industries (AGI) and the Ghana Real Estate Developers Association (GREDA) want the bank to further relax those directives for the benefit of their respective members.
Financial institutions failing investors in real estate sector
The Ghana Real Estate Developers Association (GREDA) has blamed the widening housing deficit in the country on the inability of local financial institutions to provide structured and long-term financial facilities to players in the industry.
That, it said, had constrained most housing providers and real estate developers in the country, partly forcing them to perform below their individual capacities.
New 17.5% VAT rate takes effect
The new Value Added Tax (VAT) rate of 17.5 per cent has taken effect. This followed the presidential assent given the VAT Act 2013 (Act 870) on December 30, 2013, and its subsequent gazetting the following day.
Under the regime, the standard rate which was 12.5 per cent, moves up jto 15 per cent, while the National Health Insurance Levy (NHIL) remains at two-and-half percent.
