Ghana, Switzerland Sign Treaty

Ghana and Switzerland, yesterday signed, a treaty on avoidance of double taxation of individuals and corporate bodies transacting business between the two countries in Accra.

The tax includes tax on earned income, income from capital, industrial and commercial profits, capital gains, movable and immovable property, assets, paid-up capital and reserves, as well as other items of capital.

The Minister for Finance and Economic Planning, Mr Kwadwo Baah- Weredu, who signed on behalf of the Ghana government said the treaty raised the bilateral relationship between the two countries to a higher level and also gave boost to the President's vision of the 'Golden Age of Business in Ghana'.

According to Mr  Baah Wiredu, in year 2002, the Swiss Government had noted with much admiration government's achievement in the areas of macro -economic stability, good governance and respect for human rights and decided to include Ghana on the list of priority countries development assistance for the first fifteen years.

He said Switzerland had been a keen supporter of the Multi-Donor Budget Support (MDBS) mechanism of bilateral assistance which commits donors to align aid flow to the Ghana Poverty Reduction Strategy.

'Since 2002, Switzerland had committed about 40 million US dollars through MDBS. Apart from this, Switzerland gives support to the Energy sector, National Procurement Board and technical assistance to tax policy,' the Finance Minister stated.

Mr Baah-Wiredu noted that Ghana recognised the importance of entering into double taxation agreement with its credible development partners, hence, the need to sign the treaty.

He expressed government's gratitude to the Swiss Government for their continued support to the economy of the country.

The Switzerland Ambassador to Ghana, Mr Nicholas Lang, observed that there was room for enhancement in economic relations between the two countries, saying 'There is a lot of untapped potential in our bilateral economic exchanges'.

Mr Nicholas Lang said the agreement would help Ghana further strengthen its economic integration on regional level as well as beyond West Africa where Ghana provides a platform for access to its neighbouring countries.