The government has announced a 2.5 percent rise in the Value Added Tax (VAT).
This will increase the tax policy’s existing level of 12.5% to 15%.
On Thursday, the Finance Minister presented the 2023 budget to Parliament, stating that the review will directly assist road development projects and the digitization program.
The increase, according to Ken Ofori-Atta, is part of the government’s initiative to “aggressively mobilize domestic revenue.”
Among other things, the Minister stated that the government will expedite the implementation of the Unified Property Rate Platform initiative in 2023.
He also stated that the E-Levy Act will be reviewed.
Read Also: Ofori-Atta to present 2023 Budget today
“The headline rate from 1.5% will be reduced to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he divulged.
SOURCE: myjoyonline
