Ghana MOF Posts 2023 Mid-Year Budget Review Statement

The Ghanaian Ministry of Finance July 31 posted online a mid-year budget review statement for financial year 2023, presented to Parliament the same date. The statement describes measures: 1) increasing the concessional corporate income tax rate to 5 percent from 1 percent, and the VAT rate to 15 percent from 12.5; 2) reducing the electronic transfer levy to 1 percent of the transaction value from 1.5 percent; 3) reinforcing anti-avoidance, due diligence, and dispute resolution related to the automatic exchange of information (AEOI) on financial accounts; 4) replacing the National Fiscal Stabilization Levy (NFSL) with a Growth and Sustainability Levy ...