GRA educates Ghanaians on Gift Tax

The Ghana Revenue Authority (GRA) has educated the general public on Gift Tax.

The Authority explained in series of tweets that a gift is defined to mean a receipt without consideration or for inadequate consideration. A thing given willingly to someone without payment is considered a gift.

There are taxable and nontaxable gifts.

The GRA said taxable gifts includes: “Any of the following assets situated in Ghana: building of a permanent or temporary nature, land, shares, bonds and other securities, money, including foreign currency.”

An asset, whether situated in Ghana or outside Ghana, received by or for the benefit of a resident person as a gift where the asset has been or is credited in an account or has been or is invested, accumulated, capitalized or otherwise dealt with in the name of or on behalf of or at the direction of that person.

“A favor in money or money’s worth or a consideration for an act or omission or the forbearance of an act or omission that ensures for or to the benefit of a resident person.

Source: 3news.com|Ghana