Ghana’s Minister of Finance, Mohammed Amin Adam, presented the 2024 mid-year budget review to the parliament on 23 July 2024. The key provisions of this year’s budget review aim to effectively implement existing tax policies, particularly those related to digital solutions.
The minister stated that a simplified digital solution for operationalising the modified taxation scheme and an electronic bookkeeping system will be deployed to broaden the tax base. Additionally, 2000 more taxpayers will be onboarded onto the electronic invoicing system (e-VAT) by the end of the year.
In the 2024 Budget, Ghana’s Government amended existing legislation to give effect to the revenue measures. These measures also aim to broaden the tax base and improve tax compliance for a more equitable and efficient revenue system.
The Ghana Revenue Authority (GRA) will also continue cleaning the taxpayer register and onboarding more taxpayers onto its electronic systems to improve the taxpayer experience and compliance. In addition, GRA will continue to enhance data sharing with other tax jurisdictions to boost revenue mobilisation.
Additionally, the budget review proposes reintroducing road and bridge tolls in 2025 and operationalising the integrated property tax system. It also proposes exempting active pharmaceutical ingredients and finished products from value-added tax (VAT).
