Gov’t has reduced withholding tax rate for sale of unprocessed gold – Ofori Atta

Gold Bars

Finance Minister Ken Ofori Atta has said that exports of unprocessed gold by small-scale miners through official channels have dwindled from over one million six hundred ounces in 2019 to below one hundred thousand ounces as of September 2021 through smuggling.

To stem this tide, he said the government in consultation with the stakeholders in the industry has decided to reduce the withholding tax rate for sale of unprocessed gold by small-scale miners on whom the incidence of the tax is from 3 per cent to 1.5 percent.

He further indicated that government is committed to working with the relevant agencies and stakeholders in the industry to ensure compliance.

Presenting the budget statement for the 2022 fiscal year, on Wednesday November 17, he said “Mr. Speaker, Property rates have the potential to increase revenue mobilisation for Metropolitan, Municipal and District Assembles (MMDAs) and release resources for provision of basic infrastructure as well as the needs of our localities.

“Property rate assessment and collection pose a challenge to most MMDAs and are fraught with inefficiencies.

“Government, through the Ghana Revenue Authority will from January 2022, assist the MMDAs to implement a common platform for property rate administration to enhance Property rate collections and its accountability.

“To ensure cost recovery by Government in providing the infrastructure for the collection of the Rate, a sharing ratio will be agreed with the Assemblies.”

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