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The Government will extend the duration of value added tax (VAT) relief to local textile manufacturers for an additional two years (2022 to 2023) to consolidate the gains achieved from introducing the relief and drive expansion of the industry.
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The Government will review the existing VAT Flat rate scheme in the year 2022. Thus, the VAT Flat rate scheme of 3% will be restricted to retailers of goods with annual turnover of GHS200,000 to GHS500,000. Currently, the VAT Flat rate of 3% applies to both wholesalers and retailers of goods. According to the Minister, this policy is intended to address the inequalities that domestic producers of local substitute face vis-à-vis importers of similar products. Wholesalers of goods will now be required to charge and account for VAT at the standard rate of 12.5%.
Source: EY
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