Source: newsthemegh.com
The seven tax adjustments approved by parliament and signed by President Akufo-Addo will take effect on January 1, 2024, according to the Ghana Revenue Authority (GRA).
The announcement also said that the GRA will create administrative guidelines and publish notices to ensure that the revisions are implemented correctly. It was contained in a circular that was printed in a number of newspapers.
The GRA further stated that starting in January 2024, payroll deductions must follow the updated rates outlined in the Income Tax (Amendment).
The Value Added Tax (Amendment) Bill, 2023, Excise Duty (Amendment) (No. 2) Bill, 2023, Stamp Duty (Amendment) Bill, 2023, Emissions Levy Act, 2023, Exemptions (Amendment) Act, 2023, Customs Amendment Act, 2023, and Income Tax Amendment Act 2023 are among the bills that make up the tax amendments that were signed into law on December 29, 2024.
The Value Added Tax (VAT) Bill aims to exempt import VAT on electric vehicles used for public transportation, increase the tax base, and extend the zero rate on locally manufactured goods and locally produced sanitary towels.
The implementation of these modifications could result in a notable rise in motor insurance premiums of more than 21%.
The modified Excise charge Bill seeks to lower the excise charge on plastics, expand the excise duty on plastics to include imported plastic containers, and match the excise duty rate on some drinks with that of beer.
The Emission Levy Act imposes a tax on internal combustion engine vehicle emissions as well as carbon dioxide equivalent emissions from particular industries.
Construction, manufacturing, mining, oil and gas, power, and heating are among the industries that will pay ₵100 per tonne of emissions each month; motor vehicles, buses, coaches, motorbikes, and tricycles will pay a different rate.
It is projected that in 2024, these tax changes will bring in roughly ₵5 billion for the government’s coffers.