- Ghana’s Minister for Finance and Economic Planning presented the Budget Statement and Economic Policy for the 2024 Fiscal Year.
- The 2024 Budget aims to focus on growth and maintain currency stability and disinflation.
- Key tax measures proposed include increasing the tax-to-GDP ratio, extending VAT Zero-Rating for textiles and vehicles, reducing VAT on commercial properties and sanitary pads, and restricting deductions under the Income Tax Act.
- Import duty waivers and exemptions are proposed for electronic vehicles, raw materials for sanitary pads, vehicles for medical doctors, agricultural machinery, medical consumables, and raw materials for the pharmaceutical industry.
- Environmental excise duties will be expanded to include plastic packaging and vehicle emissions.
- Stamp Duty rates will be increased, and the tax-free Personal Income Tax band will be adjusted.
- A simplified tax return will be introduced for individuals in the informal sector to encourage voluntary tax compliance.
Source: globaltaxnews.ey.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
