Ghana halts 15% VAT on residential electricity usage
On 7 February 2024, the Ministry of Finance in Ghana released a press statement regarding enforcing Value-Added Tax (VAT) on electricity consumption by residential customers. According to the statement, electricity suppliers were informed of the
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IMF issues report following Article IV Consultation with Ghana
On 19 January 2024 the IMF issued a report following consultations with Ghana under Article IV of the IMF’s articles of agreement and the first review of Ghana’s Extended Credit Facility arrangement. The report notes that Ghana’s performance
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OECD: Taxing the Informal Economy: Policy, Evidence and Lessons for the Future
On 4 April 2023 a webinar was held to present the results of two studies on presumptive tax regimes and the informal sector, and to draw lessons for the future design of such taxes. The webinar was co-hosted by the International Centre for Tax
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Ghana: Tax measures of 2023 Budget
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
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Ghana issues Mid-year fiscal policy review of 2022
Ghana issues Mid-year fiscal policy review of 2022 10 Aug 2022 On 25 July 2022, Mr. Ken Ofori-Atta, the Minister for Finance and Economic Planning of Ghana presented the 2022 Mid-year Budget Review Statement to Parliament. This is in
See MoreGhana introduces e-Filing requirements
The Ghana Revenue Authority (GRA) announced the requirement to file tax returns electronically beginning from 1 April 2022. The following categories of taxpayers subject to file tax returns electronically: Taxpayers registered with the Large
See MoreGhana Revenue Authority Proposes Revisions to Tobacco Tax
On 26 January 2022 the Ghana Revenue Authority (GRA) announced that revisions to the Tobacco Tax will be implemented later this year after consultations with relevant stakeholders are completed. The GRA intends to introduce a combination of
See MoreGhana: Report Recommends Changes to Tobacco Taxation
On 26 January 2022 the Vision for Alternative Development (VALD), a Ghanaian NGO, released a Study Report on Economics of Tobacco in Ghana. The report recommended the re-introduction of a specific tax in addition to the ad-valorem tax system and
See MoreWorld Bank: Conference looks at implementation of new tax instruments
On 1 October 2021 the second day of the Third World Bank Tax Conference looked at the practical implementation of new tax instruments. Sugar tax in South Africa The sugar-sweetened beverage tax in South Africa was first announced in the 2016
See MoreGhana enacts Budget for 2021
On 31 March 2021, Ghana’s 2021 budget statement and economic policy passed by the Parliament and having received presidential assent. There are measures allowing for waiver of tax penalties and interest on accumulated tax arrears up to 31
See MoreGhana: Budget Announcements for 2021
On 12 March 2021, Mr. Osei Kyei-Mensah-Bonsu, the Finance Minister of Ghana’s Caretaker Govt., presented the 2021 Budget Statement and Economic Policy in the Parliament. Among the revenue provisions in the 2021 budget are the following tax
See MoreGhana updates tax appellate processes
Ghana’s Parliament has passed the Revenue Administration Act, 2020 (Act 1029) as an amendment to the tax procedures and administration rules. Previously, taxpayers only could appeal to the High Court of a tax decision made by the
See MoreGhana: Finance Minister submits new TP Regulations 2020 before Parliament
On 10 August 2020, Mr. Ken Ofori-Atta, the Minister of Finance of Ghana submitted new Transfer Pricing (TP) Regulations 2020 (L.I. 2412) before Parliament. Accordance to Article 11(7) of the Constitution of the Republic of Ghana,
See MoreGhana: Parliament approves tax measures in response to COVID-19 outbreak
On 1 May 2020, the Parliament of Ghana passed the Income Tax (Amendment) Bill 2020 to introduce several emergency tax measures in response to Covid-19 pandemic. The approved income tax measures are as follows: An individual who makes withdrawals
See MoreGhana announces emergency tax measures in response to COVID-19 outbreak
On 30 March 2020, Mr. Ken Ofori-Atta, the Minister for Finance and Economic Planning of Ghana presented to the Parliament several proposals to mitigate the economic impact of COVID-19, as follows: Income tax return filing deadline will be
See MoreGhana: Parliament approves Budget for 2020
The parliament of Ghana approved the Acts for the implementation of the 2020 Budget and published on 30 December 2019. The Act introduces tax holidays (exemptions) for the income of a manufacturer or assembler in respect of the manufacture or
See MoreGhana: Finance Minister presents 2020 Budget
On 13 November 2019, Finance Minister, Mr. Ken Ofori-Atta, has presented the New Patriotic Party (NPP) government’s fourth Budget Statement and Economic Policy to Parliament which he said is focused on providing liquidity to boost
See MoreGhana: Finance Minister presents mid-year budget for 2019
On 29 July 2019, the Finance Minister of Ghana presented the 2019 mid-year budget statement to the parliament. The budget proposed the following measures: Increasing in Communication Service Tax from 6% to 9%;The cancellation of the Luxury
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