• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Government drops 15% VAT on electricity, to engage IMF on potential deficit

1 year ago
in Business, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
51
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Government drops 15% VAT on electricity, to engage IMF on potential deficit

According to Asaase news, the government  during a cabinet meeting held on Friday 2 February 2024, has unanimously agreed to drop the previously approved policy of charging 15% value added tax (VAT) on electricity.

This means that power consumers will no longer be required to pay the controversial 15% VAT on top of their bills.

The government has also agreed to initiate a conversation with the International Monetary Fund (IMF) to come to a consensus on how it can make up for the revenue shortfall occasioned by the decision to drop the VAT on electricity policy through additional spending cuts.

What is clear is that even though the proposal to charge 15% VAT on electricity was previously approved by cabinet, and also by Parliament, the reaction of the Trades Union Congress (TUC) and others to the proposed policy has led to a serious rethink and the decision to reverse it.

As to what the final decision on the policy will be, as in if it is to be completely scrapped, sources familiar with the cabinet decision said that this will become clearer after engagements with the IMF.

“The position currently is that the 15% VAT on electricity is off, and it is likely it could either be off totally or significantly slashed,” the Asaase News sources said, on condition of anonymity.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

TUC directive

Organised labour held a meeting on 2 February and decided to hold a nationwide demonstration on Tuesday 13 February to push the government to withdraw the directive to the Electricity Company of Ghana (ECG) and Northern Electricity Distribution Company (NEDCo) to implement a 15% VAT charge on residential electricity consumption.

“In view of point one, notice of the intended demonstration will go to the [Inspector General of Police] and all the 16 regional commands on Monday 5th February 2024,” said a communiqué issued by the TUC after the meeting.

“All members of organised labour groupings in both the public and private sector are to put on red bands at work from Monday, 5 February 2024 to Monday, 12 February 2024,” the statement from organised labour said.

“Directives on the route of the demonstrations and all other communications will be duly communicated by the leadership of organised labour.

“Organised labour groups are expected to communicate in writing to their employers on the actions to be taken. If the directive on the VAT is not withdrawn after the demonstration, organised labour will meet and take a decision on when to initiate a nationwide strike again,” the TUC statement further said.

Tags: Government drops 15% VAT on electricityIMFto engage IMF on potential deficitVAT
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.