Revisions to VAT rate, E-Levy and Benchmark Discount Policy take effect

Following the approval of the 2023 Budget Statement of the Government of Ghana, Parliament of Ghana has passed the Value Added Tax (Amendment) (No.2) Act, 2022 (Act 1087) and Electronic Transfer Levy (Amendment) Act, 2022 (Act 1089) to make the proposed changes to the VAT and Electronic Levy (E-Levy) regimes effective. 

Also, the Ghana Revenue Authority has issued a public notice indicating the implementation of the complete reversal of benchmark discount policy on imported goods as announced in the 2023 Budget Statement. 

 In this Tax Update, we provide a summary of the provisions of these Acts and the public notice and how they affect taxpayers. For additional information and guidance on how these changes affect your businesses specifically, we will be pleased to assist you.