The Ghana Revenue Authority (GRA) has announced the aspect of the new tax law to allow businesses to carry forward losses will only be applicable to losses incurred from January 2016.
Businesses in priority areas such as the petroleum and mining sector will be allowed to carry forward losses for up to five years while the rest will be allowed to carry losses for up to three years.
But speaking on Citi FM’s consumer focus program Business Today, the Deputy Commissioner in charge of Policy Programs at the Ghana Revenue Authority, Edward Gyamerah explained that the policy will only be valid from this year.
“The carry forward of losses takes effect from 1st of January 2016… losses that were made up to 2015 are not to be carried forward unless your sector is allowed by Act 592 to carry forward losses. This particular law is referring to losses incurred in 2016 which can be carried out into 2017.”
Source: citifmonline