Ghana’s 2024 Budget: Key VAT Changes and Implications for Businesses

• Certified invoices required for deductible expenses for income tax purposes
• Implementation of second phase of e-VAT system for large and small taxpayers
• Upfront VAT on imports by unregistered importers to continue
• 5% VAT flat rate on commercial properties replacing 15% standard rate
• Review of certain VAT exemptions to reduce distortions and abuses
• Extension of VAT zero-rating on locally manufactured African prints and locally assembled vehicles for two years
• Introduction of environmental levies on plastic packaging and industrial and vehicle emissions
• Different VAT rates for smaller retail companies based on turnover
• Extension of VAT zero-rating provision for locally manufactured textiles and locally assembled vehicles until December 2025
• Reduction of VAT and levies on locally manufactured sanitary pads from 15% to 0%
• Expansion of VAT electronic invoicing system to cover more taxpayers
• Expansion of environmental excise duties to include plastic packaging and industrial and vehicle emissions

Source: fiscal-requirements.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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