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Home News Here Are The Proposed Tax Measures Introduced By The Government

Here Are The Proposed Tax Measures Introduced By The Government

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Here Are The Proposed Tax Measures Introduced By The Government;

 

The Growth and Sustainability Levy Bill, Excise Duty, and Excise Tax Stamp (Amendment) Bills are all being discussed in Parliament.

 

Three revenue papers were presented to Parliament by the government through the Ministry of Finance for examination and eventual passage into law.

 

When passed, the bills which are known as the Income Tax Amendment Bill, the Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill should bring in roughly GH4 billion yearly.

 

Following the shocks of COVID-19 and the Russia-Ukraine war, the government claims the new planned taxes will strengthen domestic revenue and improve Ghana’s budgetary condition.

 

Also, it will make it easier for the Board to approve the $3 billion IMF Programme staff-level agreement.

 

Foreign currency losses would no longer be reflected in financial accounts if the Income Tax Amendment Legislation were to become law.

 

The three new taxes imposed by the government, however, have prompted responses from Ghanaians.

 

The bill’s detractors contend that it will force low-income individuals and small business owners out of the digital economy.

 

Here are the 3 new taxes you need to know.

 

Growth and Sustainability Bill.

 

The object of the Bill is to impose a special levy to be known as the Growth and Sustainability Levy to raise revenue for the growth and fiscal sustainability of the economy.

 

The Levy is to be imposed on profit before tax of companies and institutions and on production in the case of mining, and upstream oil and gas companies.

 

The estimated revenue for 2023 is approximately ¢2.26 billion. The Levy is subject to review by the Minister responsible for Finance in 2025.

 

Income Tax Amendment Bill
The object of the Income Tax (Amendment) Bill, 2022 is to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals and introduce an additional income tax bracket, introduce a withholding tax rate on the realization of assets and liabilities and winnings from the lottery, unify the loss carried forward provisions and revise the treatment of foreign exchange losses.

 

It is also intended to increase the optional rate for individuals on the gain from the realization of an investment asset, revise the upper limits for the quantification of motor vehicle benefits and increase the concessional income tax rates.

 

Excise Amendment Bill
The object of the Excise Duty (Amendment) Bill, 2022 is to amend the Excise Duty Act, 2014 (Act 878) to revise the excise tax rates for cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Protocols and raise revenue to mitigate the harmful effects of these excisable products.

 

It is also intended to increase the excise duty in respect of wine, malt drinks, and spirits; and impose excise duty on sweetened beverages and electronic cigarettes, and electronic liquids to increase revenue

 

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