The Ghana Revenue Authority (GRA) has issued a clarification on the penalty interest applicable to outstanding taxes, warning defaulters to settle their liabilities promptly or face severe consequences.
According to Anthony Kwasi Sarpong, Commissioner General of the GRA, the penalty interest is 5% per day, not annually as previously misconstrued.
“This means that defaulters or companies who owe the GRA will face a daily penalty of 5% on their outstanding tax liabilities,” Sarpong stated.
The GRA is urging taxpayers to take immediate action to settle their outstanding taxes and avoid accumulating penalties.
“We encourage all taxpayers to review their tax obligations and make necessary payments to avoid the steep daily penalty,” Sarpong added.
This move is part of the GRA’s efforts to enhance revenue collection and promote tax compliance.
