Christmas as they say is a time of giving. Many people exchange gifts with friends, loved ones and businesses partners and associates. As we celebrate, we have to remember that under Ghanaian Tax Law, any gifts exceeding GHc 50 is taxable at the rate of 5%. The Gift tax is not limited to cash gifts, it applies also when the value of a gift you have received exceed the taxable amount of GHc 50. Note that failure to pay any taxes including Gift tax may subject you to both criminal prosecution and civil liabilities.
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