- The Ghanaian Ministry of Finance submitted the 2025 budget statement to Parliament on March 11.
- The statement includes measures to:
- Abolish VAT on motor vehicle insurance policies
- Abolish VAT exemption for non-life insurance policies
- Review and consolidate levies under the Energy Sector Levies Act
- Remove the GETFund Levy and National Health Insurance Levy from VAT calculations, and reduce the effective VAT rate
- Reverse the VAT flat-rate regime
- Increase the VAT registration threshold to exempt micro and small businesses
Source: news.bloombergtax.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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