Ghana MOF Presents 2022 Budget Statement

The Ghanaian Ministry of Finance Nov. 17 submitted to Parliament the 2022 budget statement. The statement includes tax measures that would: 1) introduce a 1.75 percent e-transaction levy on all electronic transactions including mobile money payments, bank transfers, and merchant payments, effective Jan. 1, 2022; 2) reduce the withholding tax on the sale of unprocessed gold to 1.5 percent from 3 percent for small scale gold mining, effective Jan. 1, 2022; 3) implement a modified income tax regime by raising the current threshold on turnover to 500,000 Ghanaian cedis (US$81,447) from 200,000 cedis (US$32,579) for self-employed individuals’ business income; and ...