- Ghana’s parliament passes five new tax bills to boost revenue collection after 2024 budget
- The Finance Committee said the bills were necessary to extend VAT coverage to other sectors
- He said all members of the committee’s minority supported the zero rate of VAT on materials for the production of sanitary napkins
Parliament has passed five new tax bills after the 2024 budget as the Akufo-Addo government tries to boost revenue collection.
The new tax bills are the Value Added Tax (Amendment) Bill, 2023, Emission Levy Bill, 2023, Excise Duty (Amendment) (No. 2) Bill, 2023, Stamp Duty (Amendment) Bill, 2023 and Exemptions (Amendment) Bill, 2023 ), 2023.
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Presentation of the Economic Committee’s report on tax accounts and moving for the approval of the report by the House, Kwaku Kwarteng, the Chairman of the committee, said the proposed amendments to the VAT Act were necessary to promote the domestic production of sanitary napkins and extend the coverage of VAT to another area to enhance revenue generation.
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He said all members of the committee’s minority supported zero-rating VAT on materials used to make sanitary napkins, but raised concerns about the impact other revenue measures would have on the cost of doing business in the country for the general population.
Uber, Bolt car owners to pay new vehicle income tax
The Ghana Revenue Authority has issued a notice to motor vehicle owners for the implementation of a new tax policy.
Car owners on platforms like Uber are is now required to pay Vehicle Income Tax from January 1, 2024.
The Ghana Revenue Authority has released a statement with guidelines for companies and transport users to follow.
GRA redemption from betting tax
The Ghana Revenue Authority has collected GH¢15 million in the first two months from the recent tax on sports betting profits.
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The Authority said it is targeting GH¢60 million by the end of the current football season.
The GRA introduced a 10% withholding tax on betting on August 15, 2023, to raise about GH400 million annually.
No new tax for bloggers
The Ghana Revenue Authority earlier clarified that no new tax is being created for bloggers, brand influencers and MCs.
The Authority said it is trying widens the tax net ensuring that the incomes of bloggers, influencer brands and MCs are taxed.
While the GRA has denied speculation that it is creating a new tax, it has stressed that all revenue generated must be taxed.
Source: YEN.com.gh