Audio By Carbonatix
Government has announced its decision to increase the Value Added Tax (VAT) by 2.5 percent.
This will move the tax policy from its current percentage of 12.5 per cent to 15.
Presenting the 2023 budget to Parliament on Thursday, the Finance Minister said the review is to directly support road construction projects and the digitization agenda.
According to Ken Ofori-Atta, the upward adjustment forms part of government’s initiative “to aggressively mobilize domestic revenue.”
Among others, the Minister said government will fast-track the implementation of the Unified Property Rate Platform programme in 2023.
He also revealed that the E-Levy Act will be reviewed.
“The headline rate from 1.5% will be reduced to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he divulged.
Latest Stories
-
Chamber of Aquaculture Ghana calls for strong public-private partnerships to unlock finance and transform the sector
7 minutes -
Lions celebrate International Volunteer Day with over decades of service and impact
11 minutes -
3 dead, dozens injured in Mampong Abuontem head-on collision
21 minutes -
MoFFA shuts down several Eastern Region mortuaries over poor sanitation, non-compliance
21 minutes -
Domestic violence case: John Odartey Lamptey remanded over alleged brutal assault on wife
32 minutes -
Minority urges government to tackle smuggling and protect local farmers
34 minutes -
Ashanti regional minister drags Democracy Hub member to court over alleged galamsey remarks
36 minutes -
Mineral royalties surge across all sub-sectors in 2025; record strong gains in gold, manganese
37 minutes -
Police arrest five suspects behind robberies in Sefwi Bekwai
37 minutes -
Ghana’s economy to expand marginally to 5.9% in 2026 – Fitch Solutions
38 minutes -
Newage Agric Solutions donates rice, soybean oil and cash to MoFA for farmers’ day
39 minutes -
Analysis: After allocating over ₵1bn, parliament now turns on the OSP
1 hour -
OSP’s failure to stop Ofori-Atta is an irrecoverable mistake – Kpebu
2 hours -
UPSA confers posthumous honorary doctorate on former first lady Nana Konadu Agyeman-Rawlings
2 hours -
Martin Kpebu says he has not been formally charged by OSP
2 hours