Ghana and the Netherlands have signed an accord for the automatic exchange of information to combat tax evasion.
Under the deal, the tax authorities of both the nations will automatically share with each other information about income from immovable property earned by residents of either country, Ghana News Agency (GNA) has reported.
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The data exchange will include information about dividends, interest, directors’ fees and income of artists and sportsmen.
Commissioner-General of the Ghana Revenue Authority George Blankson observed that the deal would help the two tax administrations to better carry out the provisions of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Double Taxation Convention.
Blankson added that the information exchange agreement will improve transparency and facilitate discovery of concealed offshore accounts and assets besides improving tax cooperation, reported GNA.
The Netherlands Ambassador in Ghana Hans Docter said: "The Netherlands attaches very high importance to avoiding and combating fiscal fraud as well as ensuring that tax is being paid in the countries entitled. Signing this MOU will be a great step forward.
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By GlobalData"Since our economic relationship becomes increasingly important an efficient exchange of information is essential."
