Ghana’s Ministry of Finance has released its 2024 Budget Statement, which includes the second phase of its e-invoicing system (e-VAT). The first phase, which ended in 2022, applied to large and high-risk taxpayers. The second phase will include 600 large and over 2000 small and medium taxpayers and is expected to be completed by December 2024. Some key points from the Budget Statement include the requirement for e-VAT invoices as the basis for deductible expenses related to income tax, the implementation of “upfront VAT” on imports of taxable goods by unregistered importers, and the introduction of a flat rate of 5% VAT for all commercial properties instead of the standard rate of 15%. Other measures include a review of some VAT exemptions, an extension of the zero-rating of VAT on locally manufactured African prints and vehicles assembled domestically, exemptions for electric vehicle assembly and commercial electric buses from import duties, and exemptions for the import of agricultural machinery, equipment, and inputs not available locally. Further details about the budget implementation are yet to be disclosed.
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