Parliament Approves Five New Tax Bills To Rake In More Revenue In 2024

• Ghana's Parliament has approved five new tax bills to boost revenue collection following the 2024 budget
• The Finance Committee said the bills were necessary to extend the coverage of VAT to other sectors
• He said the entire Minority members of the committee supported the zero-rating of VAT on materials for the production of sanitary towels

Parliament has approved five new tax bills following the 2024 budget as the Akufo-Addo government looks to boost revenue collection.

The new tax bills are the Value Added Tax (Amendment) Bill, 2023, Emissions Levy Bill, 2023, Excise Duty (Amendment) (No. 2) Bill, 2023, Stamp Duty (Amendment) Bill, 2023 and Exemptions (Amendment) Bill, 2023.

Presenting the Finance Committee’s report on the tax bills and moving a motion for the House to adopt the report, Kwaku Kwarteng, the Chairman of the committee, said the proposed amendments to the VAT Act were necessary to promote domestic production of sanitary towels and extend the coverage of VAT to another sector to enhance revenue generation.

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He said the entire Minority members of the committee supported the zero-rating of VAT on materials for the production of sanitary towels but expressed concerns about the impact the other revenue measures would have on the cost of doing business in the country on the general population.

Uber, Bolt car owners to pay new vehicle income tax

The Ghana Revenue Authority has issued a notification to ride-hailing vehicle owners regarding the implementation of a new tax policy.

Ride-hailing car owners on platforms like Uber are now required to pay a Vehicle Income Tax from January 1, 2024.

The Ghana Revenue Authority released a statement with guidelines for ride-hailing companies and users to adhere to.

GRA cashing out from betting tax

The Ghana Revenue Authority has accrued GH¢15 million in its first two months from its recent tax on sports betting winnings.

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The Authority has said it is targeting GH¢60 million by the current football season ends.

The GRA introduced a 10% withholding tax on betting on August 15, 2023, to raise about GH¢400 million annually.

No new tax on bloggers

The Ghana Revenue Authority clarified earlier that no new tax is being created for bloggers, brand influencers, and MCs.

The Authority said it is trying to expand the tax net by ensuring the incomes of bloggers, brand influencers and MCs are taxed.

While the GRA refuted speculation that it is creating a new tax, it has stressed that all income generation must be taxed.

Source: YEN.com.gh