Ministry of Finance submits proposals to reverse one per cent withholding tax
The Ministry of Finance has submitted proposals to Parliament to reverse the one per cent withholding tax imposed on interest earned by individuals on any investments.
The tax imposition on interests is part of provisions in the new Income Tax Act, 2015 (Act 896) which came into force on January 1, this year.
Statement issued by the Minister of Finance, Mr Seth Terkper, explained that the government had taken note of the concerns of taxpayers and the general public on some provisions of the Act, particularly those relating to withholding tax on the provision of services and the payment of tax on interests paid to individuals.
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By: Hwenebobo Newsstand
posted from Bloggeroid
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