The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget:
Capital gains tax (CGT):
- Exemption from CGT on gains realised from the sale of securities listed on the Ghana Stock Exchange or publicly held securities approved by the Securities and Exchange Commission.
Tax incentives:
- Tax credits and other incentives are to be made available for businesses that hire young graduates;
- There is to be a comprehensive review of the import duty waivers and tax exemptions granted to the government ministries, departments and agencies; domestic and foreign companies doing business in Ghana; suppliers and contractors executing projects and contracts in Ghana; employees, directors and senior officials of domestic and foreign companies; and non-governmental and charity organizations.
- Applicants for import duties waivers and tax exemptions will be required to pay all applicable import duties and taxes, and then apply with justification for a refund (the Minister of Finance may waive this requirement on a discretionary basis in exceptional circumstances).
Value added tax (VAT):
The government is to abolish the collection of VAT on financial services; selected imported medicines that are not produced locally; domestic airline tickets; and real estate sales.
The VAT rate for traders is to be reduced from 15% to 3%.
