Victor Yao Akogo, Chief Revenue Officer at the Ghana Revenue Authority (GRA), has announced a new tax regime that will bring some relief to players in the cultural and creative industries.
Emphasising that, the modified system will exempt some creatives from mandatory Value Added Tax (VAT) registration.
“There is a modified taxation coming this September. The modified taxation seeks to let us know that when you are making an annual turnover of up to GH₵20,000 you pay 3% of it a year as tax on your turnover”, the GRA official said while speaking at the 7th edition of Joy FM’s Showbiz Roundtable hosted by Kwame Dadzie. “. And you are not expected to register for VAT. If your turnover is above GH₵200,000 then the law enjoins you to register for VAT.”
According to him, the VAT charged on entertainment events is money collected on behalf of patrons, who are the actual consumers of the content.
He stressed that whether shows are ticketed or not, event organisers are required to pay the VAT component.
Victor advised creative entrepreneurs to register their businesses with the GRA in order to access any available tax reliefs.
The event, themed “GRA Vs. Creatives – Taxation and the Future of Ghana’s Creative & Digital Economy”, brought together event organisers, DJs, MCs, artiste managers, bloggers, YouTubers, musicians, film makers, fashion designers, visual artists, dancers, comedians and other creative entrepreneurs. Officials from the GRA were also present to engage the creative community on how taxation affects their work.
Another speaker from the GRA was Isaac Kobina Amoako, Chief Revenue Officer and Head of the GRA IT Training Centre.
Industry voices at the forum included Kojo Poku, Vice President of the Event and Meeting Professionals Association of Ghana; Francis Doku, Chief Executive Officer of Maestro Africa Group; Robert Klah, Head of Public Events and Communications at Charterhouse; playwright and CEO of Globe Productions Latif Abubakar; poet and literary coach Nana Asaase, comedian Lekzy DeComic, among others.
