GRA introduces new module for vehicle importers
The Ghana Revenue Authority (GRA) has introduced a new module on the Pre-Arrival Assessment Reporting System (PAARS).
The Used Vehicle Valuation Module will be used by various stakeholders to obtain their Customs Classification and Valuation Report (CCVR) in the importation of used vehicles into the country.
This new module will increase transparency, save time and cost for various stakeholders in the import and export business.
The successful implementation of PAARS, months after the controversial takeover of their responsibilities from the Destination Inspection Companies has resulted in stakeholders and agents getting their documents processed in less than 48 hours. The PAARS which allows traders to submit their customs information electronically in advance of the arrival of their goods has been touted by agents as the best innovation to have been introduced by the GRA so far. They say the system has helped to put an end to corruption in the clearing of goods.
NVTI to get GHc10m annually – Employment Minister
The National Vocational Training Institute has been earmarked to receive GH?10 million annually from the Youth Employment Fund (YEF) to beef up their operations in providing employable skills to the youth.
Minister for Employment and Labour Relations, Haruna Iddrisu, who announced this on the floor of Parliament on Tuesday, said the decision is aimed at reducing the growing number of unemployment in the country, especially among the youth.
The amount, he said, will be captured in the 2016 Budget and subsequent financial policy statements of the government.
According to him, the initiative forms part of the programs that would be rolled out in 2016 by the Youth Employment Agency (YEA).
2016 budget: Business to lose tax exemptions
Businesses should brace themselves in 2016 as they would be required to pay for some taxes that they are currently being exempted from.
This is because the finance ministry is looking at reviewing these tax exemptions as part of the 2016 budget.
According to analysts, the country loses millions of dollars every year in revenue because of exemptions granted to some businesses.
However with the current challenges facing the economy there is pressure on government by its development partners to review these exemptions.
The country has been facing declines in its export earnings.
The removal of tax exemptions is also to improve revenue collections to help take care of rising expenditure.
Mobile money holds huge potential for Ghana
Mobile money started off in Ghana tottering on the brink of little hope it will gain popularity among the public. While the promoters, mainly the mobile telecom operators, touted its potential, especially drawing on Kenya’s huge success story with the service, critics maintained that the geo-economic and demographic differences between the two countries were poles apart for Kenya’s succes to be replicated in Ghana.
That notwithstanding, mobile money started with Airtel’s (then Zain) launch of Zap in February 2009 and later followed by MTN in the same year. As of 2012, the transaction value of Mobile money was GH¢171million.
Fast forward to today, not even the most avowed doomsday prophet will stand by his words – as there are now 21,721,814 number of wallet holders with GH¢11.6 billion value of transactions carried out – the landscape has changed and the perceived bleak future of mobile money has given way to a bright and prospective story of hope, unspeakable success and more room for improvement.
MTN asks for ‘leniency’ on $5.2 billion Nigeria fine
South Africa’s MTN has written to authorities in Nigeria asking for “leniency” and requesting a review of a $5.2 billion fine imposed on the telecoms provider for failing to cut off unregistered SIM card users, a regulatory source said on Tuesday.
MTN sent a copy of the letter addressed to telecommunications regulator NCC to Nigeria’s presidency, the source said, without providing specific details about the review. A second source confirmed MTN had sent a letter.
Nigeria’s telecoms regulator gave MTN Group two weeks to pay the $5.2 billion fine imposed on the mobile phone company.
The Nigerian Communications Commission (NCC) imposed the penalty on Monday, hitting Africa’s biggest mobile phone operator’s stock price. Nigeria is MTN’s biggest market by subscribers.
Some analysts have said the size of the fine risked damaging Nigeria’s efforts to shake off an image as a risky frontier market for international investors.
MTN had said on Monday the NCC imposed the fine for failing to disconnect subscribers with unregistered or incomplete SIM cards, under a directive given to all network operators which the regulator said only MTN had failed to comply with.
Banks move to freeze granting of new loans
The next time you turn to a commercial bank for a loan, you are likely to be turned down or told sorry come next time.
The challenge has come about because of delays by government and some private businesses to pay for loans taken from these banks on time.
JOY BUSINESS is learning that the debts which is now running into millions of dollars, could collapse some of these banks if care is not taken.
For some of these financial institutions, the only consolation for now is the oral assurances from government, that they will pay these debts, that is why some have not written these debts off or reported it as a loss.
Sources say some state institutions which government guaranteed for, and also some private businesses who are in the business of importing petroleum products and commodities like rice have delayed payment.
GhIPSS, banks embark on Direct Credit campaign
The Ghana Interbank Payment and Settlement Systems (GhIPSS), together with banks has embarked on public education to encourage more usage of Direct Credit. This is to ensure the public experience benefits associated with the electronic payment system.
Direct Credit is an electronic payment system similar to a standing order, whereby a customer instructs his/her banker to make recurring payments of a specified amount and on a specified date. However unlike the standing order, Direct Credit is done electronically and is quicker and safer.
Direct Credit is suitable for bulk payments such as salaries, insurance claims and payment of dividends; and individuals can also use it to pay for mortgages as well as items bought on hire purchase and other forms of interbank transfers.
Patronage of Direct Credit has been experiencing phenomenal growth since its introduction some 4 years ago. A number of companies are using it to pay salaries because the process is less cumbersome, while employees have quicker access to their salaries as it allows the employer’s bank to send the salaries to individual worker’s accounts directly.
Credit: Joy Online, BFT, Starrfm Online, Graphic
