2024 Budget Amendments
Your guide to the new taxes affecting the Insurance, Real Estate, and Other Sectors
Parliament of Ghana has passed into law the Income Tax (Amendment) Act, 2023 (Act 1111), Value Added Tax (Amendment) Act, 2023 (Act 1107), Excise Duty (Amendment) (No. 2) Act, 2023 (Act 1108), Exemptions (Amendment) Act, 2023 (Act 1110) to, among others, revise the income tax rates for resident individuals and amend the scope and application of value added taxes.
In this Tax Update, we provide a summary of the provisions of these Acts and how they affect individuals and businesses.
The legislations were published in the official gazette on 29 December 2023. The Commissioner-General of the Ghana RevenueAuthority has subsequently issued a written directive indicating the implementation date for these Acts as from January 2024.
This update provides a summary of the provisions and their implications for taxpayers.
