- The 1% COVID-19 Levy is abolished, reducing the overall VAT burden.
- The VAT registration threshold increases from GHS200,000 to GHS750,000, exempting many small businesses.
- The 3% VAT Flat Rate Scheme is scrapped; a unified VAT system is introduced with a total rate of 20% (VAT: 15%, NHIL: 2.5%, GETFund Levy: 2.5%).
- VAT-registered businesses can now claim input tax on NHIL and GETFund Levy, improving cash flow and reducing net VAT liability.
- New digital compliance measures, sector-specific benefits (e.g., mining and textiles), and a VAT Reward Scheme are being introduced to enhance administration and compliance.
Source: graphic.com.gh
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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