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(1) The Cedi is the official currency for purposes of the tax laws and, subject to any provision in a tax law to the contrary, every amount taken into account under a tax law is to be denominated in or converted into Cedis.

(2) The conversion of a foreign currency amount into Cedis shall be at the Bank of Ghana inter-bank exchange rate applying on the date the amount is to be taken into account under the tax law in question.

(3) Despite subsection (1), the Commissioner-General may, on a written application, require a person to take a foreign currency amount into account for the purpose of keeping of records and submission of accounts or any other tax transaction under a tax law.

(4) A requirement of the Commissioner-General under subsection (3) may

(a) be by way of practice note;

(b) apply to one or more tax laws and for one or more periods; and

(c) be subject to conditions that the Commissioner-General determines.

(5) In exercising the discretion under subsection (3), the Commissioner- General shall take into consideration the volume of foreign currency activities conducted by the person.

(6) The Commissioner-General may, by notice in writing and for reasonable cause, revoke a requirement under subsection (3).

(7) In this section, an amount is to be taken into account under a tax law on the date the amount accrues, or is received, derived, incurred, paid or otherwise to be taken into account for purposes of the tax law in question.