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15 taxes and levies reduced or abolished by Akufo-Addo’s government, You need to know!

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The Nana Akufo-Addo led-government has reduced or abolished some 15 different taxes and levies which you need to be abreast with.

The aim of the Akufo-Addo led administration intervention is to Shift the focus of economic management

from taxation to stimulate production,

These 15 different taxes and levies reduced or abolished among includes:

  1. 1% Special Import Levy

  2. 17.5% VAT on selected imported medicines not produced in the country

  3. 17.5% VAT on Financial Services

  4. 5% VAT on Real Estate Sales

  5. 17.5% VAT on domestic airline tickets

  6. VAT for micro and small enterprises from 17.5% to 3% Flat Rate

  7. Import duty on the importation of spare parts

  8. Levies imposed on Kayayei by local authorities

  9. Import duty for all goods by 50% and 30% for vehicles

  10. Excise duty on petroleum

  11. Full corporate tax deduction for private universities who plough back 100% of profits into the university

  12. National Electrification Scheme Levy from 5% to 3%

  13. Public Lighting Levy from 5% to 2%

  14. Special Petroleum Tax rate from 17.5% to 13% and introduced specific rates, and

  15. Capital Gains Tax Exemption on stocks traded on the Ghana Stock Exchange or publicly held securities approved by the SEC

By: Muftaw Iddrisu | Talks Africa Media

Written by EDITORIAL STAFF

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