Ghana and the UK today confirmed a deal to automatically exchange tax data on citizens by 2018, helping the west African nation clamp down on tax evaders and raise extra revenue for public services.
Under the deal, Ghana will join forces with HM Revenue & Customs (HMRC), the UK’s revenue collection department, to get its own tax systems in order to fund health, education and infrastructure programmes and reduce aid dependence.
Ghana’s Revenue Authority (GRA) will automatically receive tax information from HMRC on the UK holdings of Ghanaian taxpayers and vice versa.
Additionally, HMRC and GRA will work together to share their knowledge on tax legislation, compliance and data privacy so they are ready to implement the OECD’s automatic exchange of tax information standard in 2018.