LEGAL UPDATE

AMENDMENTS TO TAX LAWS IN GHANA 2023

The 2023 budget came with a few changes to Ghanaian tax laws and these amendments
have been passed by Parliament accordingly.

ELECTRONIC TRANSFER LEVY (AMENDMENT) ACT, 2022 ACT 1089
The Act was amended to:

  •  Reduce the Electronic Transfer Levy charge from 1.5% to 1% on electronic transfers.

REVENUE ADMINISTRATION (AMENDMENT) ACT, 2022 ACT 1086
The Act was amended to:

  •  Give power to the Commissioner-General to establish a monitoring mechanism to
    verify the actual revenue collected by a taxpayer for the purpose of computing taxes
    due.
  • Impose a penalty of 5% of annual gross revenue in addition to other penalties
    under the Act of a person who refuses to permit the Commissioner-General or a tax
    officer physical access to the physical network node or infrastructure or system of
    that person.

THE VALUE ADDED TAX, (AMENDMENT) NO. 2 ACT, 2022 (ACT 1087)
The Act was amended to:

  •  Provide for an increase in the Value Added Tax rate from 12.5 % to 15%.
  •  Remove the tax exemption for imported textbooks and imported newspapers,
    architectural plans and similar plans, drawings, scientific and technical works,
    periodicals, magazines, trade catalogues, price lists, greeting cards, almanacs,
    calendars, diaries and stationery and other printed matter.
  • Remove Betting, Gaming, and other games of chance out of the scope of VAT.
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