On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following tax measures:
- The Minister disclosed that the income tax regime will undergo reforms in 2023 which will introduce an additional income tax bracket of 35%.
- There will be a freeze on new tax waivers for foreign companies and tax exemptions for free zones, mining and oil and gas companies will be reviewed.
- Proposed to increase the VAT rate by 2.5 % to directly support the roads and digitalization agenda.
- Implementation of the Unified Property Rate Platform program will be fast-tracked in 2023.
- Proposed to review the electronic transfer levy (E-Levy) in 2023 and determine the next line of action which will include a revision of the various exclusions to the E-Levy.
- Proposed to reduce the headline rate charged on the transaction value from 1.5% to 1% and to also remove the daily threshold.
