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In Ghana, the taxation of exchange gains and losses is governed by the Income Tax Act, 2015 (Act 896), as amended by the Income Tax (Amendment) (No. 2) Act, 2022 (Act 1094). The key provisions are as follows:

Exchange Gains

• Taxable Status: Exchange gains are considered taxable income, regardless of whether they are realised or unrealised. This means that even if a business has not yet settled a foreign currency transaction, any gain arising from changes in exchange rates must be included in the taxable income for the year.

Exchange Losses

• Deductibility: Exchange losses are deductible only if they are realised. A loss is realised when a liability in foreign currency is settled or when the right to receive foreign currency is satisfied by actual receipt. Unrealised exchange losses are not deductible.
• Deduction Limit: The amount of exchange loss that can be deducted is limited to the sum of:
  1. The total exchange gain earned by the taxpayer during the year.
  2. Fifty percent (50%) of the chargeable income calculated as if no exchange gain or loss had occurred
  3. Any exchange loss exceeding this limit cannot be deducted in the current year. Such excess losses may be carried forward for up to five years. If not utilised within this period, the right to deduct the loss expires.

Realisation of Assets and Liabilities

• Filing Requirement: A person who realises an asset or liability must submit a return to the Commissioner-General of the Ghana Revenue Authority (GRA) within 30 days after the realisation. This applies to both exchange gains and losses.

These provisions aim to align tax treatment with actual economic events, ensuring that businesses are taxed on realised gains and losses, thereby promoting fairness and consistency in the tax system.

For more detailed information, you can refer to the official Income Tax (Amendment) Act, 2023 (Act 1094).

Sunflowers have a way of capturing the heart with their vibrant yellow petals and striking dark centers, reminiscent of the sun itself. But these beauties are more than mere decorations; they are thriving ecosystems, supporting countless insects and playing a vital role in nature. The image above captures this perfectly, as a small beetle delicately balances on a sunflower petal, revealing a hidden world of interconnected life.

At Fleurs, we believe flowers are not just ornaments—they are invitations to explore the wonders of the natural world. Sunflowers, for example, symbolize loyalty and adoration, but they also provide nourishment and shelter to small creatures. Every bloom we deliver is a reminder of this intricate relationship. Through our flower arrangements, we hope to bring a piece of nature into your home, encouraging appreciation for the small yet significant moments in life.

Some flowers, like the unassuming yet striking bloodwort, captivate with their understated elegance. With clusters of tiny pink buds, bloodwort offers a subtle beauty that whispers rather than shouts. This wildflower reminds us of the beauty that can be found in nature’s quieter corners, celebrating simplicity and calm in its gentle bloom.

Every flower has a unique story to tell, from the grandest rose to the smallest wild bloom. Arrangements that include delicate flowers like bloodwort encourage a deeper appreciation for all forms of floral beauty, highlighting the charm of even the most modest blossoms. These natural touches invite a moment of reflection and calm into our lives, celebrating the intricate wonder of nature and reminding us of the peaceful, often-overlooked beauty that surrounds us every day.