- Government plans comprehensive VAT reforms to simplify the tax system, promote fairness, and support business growth.
- Proposes abolishing the COVID-19 Health Recovery Levy and decoupling of GETFund and NHIL levies to allow input tax deductions.
- VAT registration threshold to increase from GH¢200,000 to GH¢750,000, exempting more SMEs.
- Abolish VAT on mineral exploration and reconnaissance to boost mining sector investment.
- Extend zero-rated VAT on locally manufactured textiles until December 2028 to support the textile industry and preserve jobs.
Source: kpmg.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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