VATupdate

2023 Budget: Finance Minister announces VAT rate to be increased by 2.5%

Currently, the standard VAT rate is 12.5%, except for supplies of a wholesaler or retailer of goods, which are taxed at a total flat rate of 3%. VAT is set to be increased by 2.5% in 2023, The Minister of Finance, Ken Ofori-Atta has said. The Finance Minister has said that the government wishes to increase the country’s Value Added Tax (VAT) by 2.5 percent in 2023.

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