{"id":63054,"date":"2023-12-24T17:27:30","date_gmt":"2023-12-24T17:27:30","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/parliament-approves-five-tax-bills"},"modified":"2023-12-24T18:33:00","modified_gmt":"2023-12-24T18:33:00","slug":"parliament-approves-five-tax-bills","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills","title":{"rendered":"Parliament approves five tax bills"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Parliament on Friday December 22 approved five tax bills aimed at helping the government to rake in additional revenue to the state as well as the Appropriation Bill, 2023.<\/b><\/p>\n

They are the Value Added Tax (Amendment) Bill, 2023, Excise Duty (Amendment) (No. 2) Bill, 2023, Stamp Duty (Amendment) Bill, 2023 Emissions Levy Bill, 2023 and Exemptions (Amendment) Bill, 2023.<\/p>\n

The VAT Bill seeks to expand the tax net and extend the zero rate on locally manufactured products, introduce a zero rate on locally-produced sanitary towels and waive the VAT on the import of electric vehicles for public transportation.<\/p>\n

It will also introduce a flat rate of five per cent for the rental of commercial premises and the sale of immovable property by an estate developer.<\/p>\n

Set to amend the existing VAT regime, the bill is estimated to yield GH\u00a23.725 billion for the 2024 financial year, reports Graphic Online\u2019s Nana Konadu Agyeman from Parliament House.<\/p>\n

The Excise Duty Bill is to amend the Excite Duty Act, 2015 (Act 878) to increase the excise duty rate on cider bear to align with the excise duty rate on beer, reduce excise duty on plastics and expand the coverage of the excise duty on plastics to cover imported plastic packaging.<\/p>\n

It will also introduce an emission tax on carbon dioxide emissions by companies and from vehicles.It is expecyed to yield approximately GH\u00a2540 million in additional revenue to the state.<\/p>\n

Third, the Stamp Duty (Amendment) Bill is to amend the Stamp Duty Act, 2005 (Act 689) to review the rates of stamp duty on specified instruments that have legal effect in line with current economic realities.<\/p>\n

It is not a tax on transactions but on documents brought into being for the purpose of recording transactions.<\/p>\n

The revision of the rates of stamp duty is expected to yield an amount of GH\u00a2653 million in revenue for the 2024 financial year.<\/p>\n

The purpose of the Emissions Levy Bill is to promote the use of eco-friendly technologies and green energy.<\/p>\n

Seeking to control the level of carbon dioxide emissions from internal combustion engine vehicles in Ghana, the bill will generate an amount of GH\u00a2541 million for the 2024 fiscal year.<\/p>\n

Fifth, the Exemptions (Amendment) Bill, 2023 is to provide a waiver of customs duties and customs taxes in respect of the importation of fishing gear and agricultural inputs.<\/p>\n

The bill, waiver will result in estimated exemptions to the tune of GH\u00a2442.65 million next year.<\/p>\n

It will provide for the exemption from customs duties and customs taxes, seeds and fertilisers imported for agricultural purposes in relation to the phase two of the Planting for Food and Jobs Programme.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Parliament on Friday December 22 approved five tax bills aimed at helping the government to rake in additional revenue to the state as well as the Appropriation Bill, 2023. They are the Value Added Tax (Amendment) Bill, 2023, Excise Duty (Amendment) (No. 2) Bill, 2023, Stamp Duty (Amendment) Bill, 2023 Emissions Levy […]<\/p>\n","protected":false},"author":84,"featured_media":63052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-63054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nParliament approves five tax bills - Ghana<\/title>\n<meta name=\"description\" content=\"Parliament on Friday December 22 approved five tax bills aimed at helping the government to rake in additional revenu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament approves five tax bills\" \/>\n<meta property=\"og:description\" content=\"Parliament on Friday December 22 approved five tax bills aimed at helping the government to rake in additional revenu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-24T17:27:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-24T18:33:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/12\/sm_1703430068.987394.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Parliament approves five tax bills\",\"datePublished\":\"2023-12-24T17:27:30+00:00\",\"dateModified\":\"2023-12-24T18:33:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\"},\"wordCount\":442,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/12\/sm_1703430068.987394.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/parliament-approves-five-tax-bills\",\"name\":\"Parliament approves five tax bills - 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