• 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 Economy

January 1 slated as implementation date for 7 tax amendments

2 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
163
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

January 1 slated as implementation date for 7 tax amendments

The Ghana Revenue Authority (GRA) has officially slated January 1, 2024, as the commencement date for a sweeping tax reform, following the parliamentary passage and presidential assent of seven crucial tax amendments.

Outlined in a circular disseminated by the GRA, these tax act amendments are poised to reshape the country’s fiscal landscape.

In a bid to enhance transparency, the GRA pledges to develop comprehensive administrative guidelines and issue necessary notices for the seamless implementation of the proposed changes. Furthermore, the authority underscores that payroll deductions for January 2024 must align with the modified rates specified in the recently enacted Income Tax (Amendment).

President Akufo-Addo, on December 29, 2024, signed into law seven pivotal tax bills, each carrying significant implications for businesses and individuals alike.

They are: Value Added Tax (Amendment) Bill, 2023; Excise Duty (Amendment) (No. 2) Bill, 2023; Stamp Duty (Amendment) Bill, 2023; Emissions Levy Act, 2023; Exemptions (Amendment) Act, 2023; Customs Amendment Act  2023 and Income TAX Amendment Act 2023.

The Value Added Tax (Amendment) Bill, 2023, is seeking to broaden the tax net and introduce exemptions on locally manufactured products. Notably, a zero rate is to be applied to domestically produced sanitary towels, while the VAT on imported electric vehicles for public transportation is set to be waived.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

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

The Excise Duty (Amendment) (No. 2) Bill, 2023, ushers in changes to excise duty rates on select beverages to align with beer rates, alongside a reduction in excise duty on plastics. Furthermore, the coverage of excise duty on imported plastic packaging is expanded, showcasing a nuanced approach to environmental considerations.

In a move with potential ramifications across sectors, the Emissions Levy Act, 2023, introduces levies on carbon dioxide equivalent emissions from specified industries and internal combustion engine vehicle emissions. The levy structure encompasses varying charges for the construction, manufacturing, mining, oil and gas, electricity, and heating sectors.

Government sources project that these tax reforms may yield an excess of GHS 5 billion in revenue for 2024. However, concerns are emerging over the potential knock-on effects on the cost of living, particularly in the form of a projected 30% surge in motor insurance premiums.

As Ghana embraces these ambitious tax changes, stakeholders keenly observe the delicate equilibrium between revenue generation imperatives and the socio-economic impact on citizens and businesses alike.

Tags: 2023; Customs Amendment Act  2023 and Income TAX Amendment Act 20232023; Emissions Levy Act2023; Exemptions (Amendment) Act2023; Stamp Duty (Amendment) Bill2024 slated as implementation date for 7 tax amendments acts set to raise GHS 5bn in revenueExcise Duty (Amendment) (No. 2) BillgraJanuary 1revenueTaxes
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

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

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

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

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.