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Ghana and South Africa Join Forces to Address Housing and Settlement Challenges
Sol Cement producers affirm their commitment to meeting their tax obligations
In International News
Indian real-estate funding up 82% in third quarter of 2023
Ghana and South Africa Join Forces to Address Housing and Settlement Challenges
The Ministries of Works and Housing in Ghana and Housing and Human Settlements in South Africa have formally announced their collaborative efforts to address pressing challenges in housing, human settlements, and urban development.
This commitment underscores the shared dedication of Ghana and South Africa to tackle the complex issues within these domains.
This development emerged during a bilateral meeting in Accra, where South Africa’s Minister for Housing and Human Settlements, Mmamoloko Kubayi (MP), engaged with Ghana’s Minister for Works and Housing, Francis Asenso-Boakye (MP).
These conversations laid the groundwork for exploring collaborations, particularly in enhancing the institutional framework for housing delivery in both countries.
Mr. Asenso-Boakye stressed the urgency of addressing housing complexities and highlighted the potential for profound improvements in the living conditions of a significant portion of the population through joint efforts in slum upgrading and informal settlement enhancement.
Minister Kubayi expressed South Africa’s readiness to commit to this partnership, emphasizing the importance of sharing experiences, knowledge, and best practices in the housing sectors of both nations.
The Ghana Revenue Authority (GRA) recently acted against the Chinese cement manufacturing company, Sol Cement, by shutting down its operations due to its failure to fulfill tax obligations.
This company, situated in the Tema Industrial Area, is reported to have a tax liability exceeding ₵700 million.
The GRA’s Tax Enforcement Team visited the company’s premises to enforce the closure after completing a thorough tax audit.
Sol Cement was found to have committed various tax violations, including Value Added Tax (VAT) non-compliance, unpaid Corporate Income Tax, and outstanding penalties, all of which have remained unresolved for a period exceeding two years.
Meanwhile
The producers of Sol Cement have affirmed their commitment to meeting their tax obligations to the nation.
In a statement issued , the company expressed its apologies and assured its stakeholders of its unwavering commitment to resolving the matter responsibly and promptly.
The statement said the company is fully committed to resolving this matter in a responsible and timely manner.
It reassured their valued customers, stakeholders, and the public of immediate and proactive steps to address this issue.
Adding that they are in discussions with relevant tax authorities to develop a structured repayment plan that aligns with their financial capabilities and ensures that their tax obligations are met.
In International News
The Indian real estate sector received institutional investments worth US$679.9 million during the third quarter of 2023, marking an 82 per cent growth from $373.43 million in the same period last year, according to real estate consultant Vestian.
Residential assets attracted $298.3 million of institutional investments during the July–September period, up 71 per cent from $174.3 million in the year-ago period.
Domestic investors accounted for 71 per cent of the institutional investments received in Q3 2023.
Meanwhile, the share of foreign investors reduced to 27 per cent in Q3 2023 from 55 per cent in the third quarter of 2022.
Total institutional inflow in the July–September period fell 57 per cent compared to the previous quarter, due to a significant decline in foreign fund inflow.
Source : Property Express News-Joycelyn Marigold