Ghana: Tax and customs measures in 2024 budget

Direct and indirect tax proposals

Direct and indirect tax proposals

Article Posted date 20 November 2023

The Minister for Finance on 15 November 2023 presented the budget statement and economic policy for 2024.

The budget includes certain direct tax proposals that would:

  • Enforce the issuance of certified value added tax (VAT) invoices for deductibility for corporate income tax purposes
  • Commence full implementation of minimum chargeable corporate income tax
  • Implement gross gaming revenue taxation

Indirect tax proposals would:

  • Replace the 15% VAT standard rate scheme on commercial properties with a 5% VAT flat rate scheme
  • Commence Phase 2 of the VAT electronic invoicing (e-invoicing) program
  • Extend 0% VAT rate on African prints and locally assembled vehicles for two years
  • Grant VAT exemptions on importations of raw materials for pharmaceutical industry and locally produced sanitary pads
  • Expand environmental excise duty to plastics and industrial and vehicle emissions
  • Increase stamp duty rates and fees
  • Implement second phase of communication service tax

In addition to tax measures, customs proposals were also included. Those include:

  • Introduction of an import duty waiver on the importation of commercial electric buses for public transportation
  • Import duty waiver for local assemblers of electric vehicles
  • Import duty waiver for raw materials used in the local manufacture of sanitary pads
  • Engagement with the Ghana Medical Association on the waiver of duties on motor vehicles imported into Ghana by medical doctors for personal use in line with the Exemptions Act
  • Import duty exemptions on agricultural machinery, equipment and inputs that are not available locally

Read a November 2023 report [PDF 2.4 MB] (35 pages) prepared by the KPMG member firm in Ghana

 

 

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