Ghana: Gazetted four tax amendment acts

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The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts:

(i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of companies listed on the Ghana Stock Exchange from income tax from 2017 to 2021.

(ii)Special Petroleum Tax (Amendment) Bill 2017: modified the Petroleum Tax Act 2014 by decreasing the special petroleum tax rate (from 17.5% to 15%) on specified petroleum products.

(iii)Special Import Levy (Amendment) Bill 2017: modified the Special Import Levy Act 2013 by removing the import levy payable on specific imported goods. After the amendment, the special import levy is to be levied at a flat rate of 2% on the cost.

(iv)Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill 2017: removing the excise duty on petroleum products by repealing the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) Act 2005.

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