Parliament takes Internal Revenue Bill through first reading

Accra, March 10, GNA - The Internal Revenue Bill, which, among other objects, seeks to amend and consolidate all existing laws relating to income, capital gains and gift taxes, was laid before Parliament on Friday and taken through the first reading.

An accompanying memorandum to the bill said the consolidation of the existing tax laws will facilitate common administration provisions to allow for unified record-keeping requirements, objections and appeal procedures, penalties and rules relating to the service of notices.

The consolidation will also enable the law on most transactions to be in one document, thus facilitating access to the law and thereby easing taxpayer compliance and tax administration.

The memorandum explained that the Income Tax Decree 1975 (SMCD 5) is the principal legislation that regulates the assessment and collection of income tax, adding that it has, over the years, been subjected to numerous amendments with the result that the law on income tax is scattered in about 25 pieces of legislation.

Earlier reports on the 2000 annual budgetary estimates for the Ministries of Lands and Forestry, Works and Housing and Parliamentary Affairs, as well as a report on the Constitutional (Amendment) Bill were laid before the House by the relevant parliamentary committees.

GNA