- Tax Reforms Overview: Ghana’s 2025 budget, presented by Finance Minister Dr. Cassiel Ato Forson, includes significant tax reforms aimed at restoring fiscal discipline and enhancing revenue while easing financial pressures on households and businesses.
- Elimination of Burdensome Taxes: The budget proposes the removal of various taxes, including nuisance taxes, a 10% withholding tax on lottery winnings, and a 1.5% withholding tax on small-scale miners, as part of efforts to boost non-oil tax revenue and support economic relief.
- VAT Adjustments and Other Changes: Key VAT reforms will raise the registration threshold for small businesses, eliminate the VAT on motor vehicle insurance, and reduce the effective VAT rate, alongside abolishing the electronic transfer levy and COVID-19 levy, further facilitating economic recovery.
Sources
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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