The Ghana Revenue Authority (GRA), has announced the launch of the Special Voluntary Disclosure Programme (SVDP) from March 2024. In alignment with global standards, GRA urges non-compliant individuals and entities to voluntarily disclose offshore accounts, assets, and income without facing penalties or sanctions.
Key Highlights
- Global Transparency: Since 2022, GRA has received financial accounts information from 168 Global Forum member countries.
- Legal Basis: The SVDP aligns with the Multilateral Competent Authority Agreement, the Standard for Automatic Exchange of Financial Account Information in Tax Matters Act (Act 967), and Revenue Administration Act (Act 915).
Reliefs Under SVDP
- No Criminal Prosecution: GRA will not pursue criminal charges for tax offenses.
- Penalty Relief: Exemption from penalties for false statements under Section 74 of Act 915.
- Administrative Relief: 100% relief from administrative non-compliance penalties and penalties imposed under Tax Acts.
All Ghanaian tax residents with offshore assets are encouraged to voluntarily disclose to the GRA before tax audits are initiated. The disclosure of offshore accounts is now mandatory for Ghanaian tax residents.
