List of taxes Akufo- Addo introduced on Ghanaians and businesses since 2017

The administration of President Nana Addo Dankwa Akufo-Addo has imposed fifty new levies since assuming office in 2017.

Dr. Cassiel Ato Forson, the Minority Leader in the Ghanaian Parliament, brought attention to this information.

He said that these tax policies go against the government’s earlier pledge to move from a tax-based to a production-based economy by adding more hardship to enterprises and impoverished Ghanaians.

Entrepreneurs, economists, and policymakers are alarmed by this newly implemented tax phenomenon, which has prompted a critical analysis of the underlying causes and their consequences for the future of the nation’s economy.

List of taxes Nana Addo introduced on Ghanaians and businesses since 2017

Here are some of the notable taxes Nana Addo introduced since 2017:

  1. 3% VAT Flat Rate
  2. 5% increase in VAT by making GETFund and NHIL levies straight taxes
  3. 25% increase in corporate tax
  4. 2% Special Import Levy
  5. 1% COVID-19 Health Recovery Levy on the 3% VAT flat rate
  6. 5% National Fiscal Stabilisation Levy
  7. Financial Sector Cleanup Levy – 5% on profits of banks
  8. 20 pesewas levy on a liter of petrol/diesel
  9. 10 pesewas Sanitation Levy on a liter of petrol/diesel
  10. 18 pesewas levy on LPG
  11. Luxury vehicle tax
  12. 50% increase in Communication Service Tax
  13. 30% increase in Energy Sector Levy
  14. 11% increase in Special Petroleum Tax
  15. 200% increase in BOST margin
  16. 40% increase in Price Stabilization & Recovery Levy
  17. 10% withholding tax on betting, lottery, etc.
  18. 20% tax on betting companies
  19. 35% increase in Income Tax for high earners
  20. 3% & 10% withholding tax on realization of assets and liabilities
  21. 25% increase in tax on gifts and gains
  22. Profit before tax levy on companies
  23. 5% tax on companies declaring losses
  24. 1.5% Electronic Transfer Levy (E-Levy)
  25. 1.75% tax on bank transfers
  26. 1.75% tax on remittances
  27. 15% increase in government fees
  28. 35% increase in corporate tax on mining companies
  29. 22% corporate tax on hotels
  30. Excise duty on cars, motorbikes, etc.
  31. 1% stamp tax
  32. 35% payroll tax (PAYE)
  33. Customs and Excise duties on sachet water, bottled water, malt drinks, beers, wines, spirits, cigars, plastic products, textiles, etc.
  34. Growth and Sustainability Levy
  35. Excise Duty Amendment Bill 2022
  36. Ghana Revenue Authority Bill 2022
  37. Income Tax Amendment Bill 2022
  38. New Income Tax for Lottery, Betting & Games of Chance
  39. Withholding Tax on Winnings from Betting, Lottery & Games of Chance
  40. Increased Marginal Income Tax Rate for Individuals
  41. Foreign Exchange (FX) Loss Deductibility Restrictions
  42. New Tax Return for Realisation of Assets & Liabilities
  43. Pension-Related Tax Exemption for Early Withdrawals
  44. Changes in Motor Vehicle Benefit for Employees
  45. Road Fund Levy Increase
  46. Excise duty on sachet water, bottled water, malt drinks, beers, wines, spirits, cigars, plastic products, textiles, etc.
  47. Excise Duty Review
  48. Excise Tax Stamps on products
  49. Unified Loss Carry Forward Position
  50. Foreign Exchange (FX) Loss Deductibility Restrictions

Akosua Boatemaa

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