Today, Monday, May 1, 2023, the Ghana Revenue Authority (GRA) will apply the new and updated levies included in the 2023 Budget.
Since the legislation was established, firms have had ample time to set their systems for taxes, according to the GRA.
The Excise Amendment Act of 2023, the Income Tax Amendment Act of 2023, and the Growth and Sustainability Levy Act of 2023 are among the new and updated taxes.
The Excise Duty Amendment Act has been amended to include various previously uncaptured products and commodities, which may result in higher costs for processed fruit juice, cigars, mineral water, spirits, wines, and sparkling wine.
According to the Ghana Union of Traders Association, these taxes may not be absorbed and may be passed on to consumers.
The Income Tax Amendment Act would levy a minimum of 5% on businesses that declare losses for the next five years. Individuals earning more than $500 will be taxed, and the more one earns, the more taxes one will have to pay to the state.
Bettors will pay 10% of their gains to the state, while lottery and gaming companies would pay 20% of their total income. Individuals who receive gains from investment assets or liabilities, as well as other non-gift-related earnings, may be required to pay the state 25% of the value.
The Growth and Sustainability Levy Act mandates banks, non-bank financial institutions, telecommunications businesses, and oil corporations to pay the state 5% of their profit before taxes.
Mining companies, oil and gas corporations, and all other businesses will pay the GRA 1.0% of their gross output and 2.5% of their profit before taxes.
