The difference between the gross and the net is clear and obvious The burden

The difference between the gross and the net is clear

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The difference between the gross and the net is clear and obvious. The burden falls on the income earner. DIRECT TAXES
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Currently there are three kinds of direct taxes in Ghana: (1) INCOME TAX: Section 1 of Income Tax Act, 2015 (Act 896) imposed tax on all sources of income. Examples of such incomes are incomes from: - Trading or Business - Employment - Investment such as interests, rents and royalties. CONT.
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2.CAPITAL GAIN TAX: This is levied on chargeable assets such as land and building. It is assumed the there is no cost in acquisition of land. If there is a cost, it will be deducted from the proceeds before tax is levied. Act 896 abolished capital gain tax CONT.
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Egypt Tax on Cooking Oil Roman Empire introduce custom duties imports and exports, sale tax (4% for slaves and 1% for all other persons), inheritance tax for soldiers and cities were made to collect taxes. History of Taxation
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Great Britain Lady Godiva asked by husband, Leofric, Earl of Mercia, to ride naked if she wants taxes reduced. One of the key factors that renewed fighting in 1369 between England and France was the rebellion of the nobles of Aquitaine over the oppressive tax policies of Edward, The Black Prince. Progressive Taxes were introduced in the 14 th century. In 1629 Charles I was charged with treason and beheaded for challenging the tax rights of the King.
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Tax on land and excise taxes were introduced in the 1630s and 1640s. Income tax was introduced in 1800. Colonial America Sugar tax introduced. Stamp Tax introduced on newspapers, legal and commercial documents. Post-Revolution America 1791-Excise Tax 1798-Property Tax 1861-Income Tax
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The first Income Tax Law, Income Tax Ordinance (No. 27), was introduced in Ghana, (Gold Coast) in 1943 by the British Government. The taxes were imposed on only a few companies and very small number of individuals. Taxation was first introduced in Ghana by the Pool Tax Ordinance in 1852 to finance increased cost in British Administration. Citizens were to pay One Shilling per year. Trends in Tax Administration in Ghana
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Additional taxes introduced as follows: Mineral Duty, 1952 Betting Tax, 1952 Casino Revenue Tax, 1955 Property Tax, 1961 Entertainment Duty Tax, 1962 Airport Tax, 1963 Customer Tax, 1963 Standard Assessment, 1963 Excess Profit Tax, 1963 Trends in Tax Administration in Ghana
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The Ordinance was modeled on the principles of the Income Tax Act in the United Kingdom. This Ordinance was Characterized by numerous personal reliefs and deductions. The Ordinance was later consolidated into the Income Tax Decree of 1966 (NLCD 78) and further amended into the Income Tax Decree of 1975 (SMCD 5). Tax year was changed from April –March to July-June in 1961. The current tax year, January to December started in January, 1983 by the PNDC.
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1985 - PNDC established the National Revenue Secretariat (NRS) to supervise the revenue agencies.
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  • Spring '20
  • Dr. ASRAVOR

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