BENEFITS OF SUBSCRIPTION SERVICES FOR CONTRACTORS

Benefit of paying Stamp Duty

Any payment voucher for procurement payment attract a refundable Stamp Duty of 1.2% of the total invoice value of the contract. Such fee is called the E-Levy Harmonization Stamp Duty fee.

The payment of proper Stamp duty on instruments makes them legal. Such instruments get evidential value and can be admitted as evidence in a court of law.
Stamp duty fee paid for recovery of confiscated funds is refundable with additional 20% interest rate after 62 working days.

2. Ghana Remittance Regulatory Authority Stamp Duty is accepted globally

OFFENCES AND PENALTIES OF NOT PAYING FOR CLEARANCE PERMIT AND STAMP DUTY WHEN NEEDED

Section 40 to 44 of the Stamp Duty Act 2005 (Act 689) specifies activities and actions considered an offence under the Act and the accompanying consequences.

The Payment Systems Act, 2003, Act 662* Further empowers Ghana Remittance Regulatory Authority to supervise payment without official Stamp Duty.

Such transactions must be confiscated and returned to the transferee bank. The beneficiary of such is to make a payment of 15% of the total fund to the office of the Ghana Remittance Regulatory Authority which is also refundable without any % interest.

REQUIREMENT FOR RECOVERY / CLEARANCE PERMIT AND STAMP DUTY.

i. Bid bond certificate
ii. Anti-Money Laundering
iii. Remittance Slip
iv. Prove and purpose of fund
NOTE: Act 772, Transactions Act of 2008 A nonrefundable $5000.00 fee, or the equivalent in Ghana Cedi, is required to regulate the international transaction clearing permit.

STAMP DUTY FEE.

Foreign Exchange Act 2006, Act 723 An Act to provide for the exchange of foreign currency, for international payment transactions and foreign exchange transfers; to regulate foreign exchange business and to provide for related matters beneficiary of such transaction are entitled to 20% interest rate of the Stamp Duty fee.

STAMP DUTY FEE FOR ALL TRANSACTION IS 1.2% OF THE TOTAL FUND.