Ghana MOF Presents 2024 Budget Highlights

The Ghanaian Ministry of Finance Nov. 15 submitted to Parliament the 2024 budget highlights. The highlights include measures to: 1) establish the Commissioner-General’s certified invoice as the basis for all deductible expenses for income tax purposes; 2) implement the second phase of the electronic invoicing system (e-VAT); 3) continue the implementation of upfront VAT on imports of taxable goods by unregistered importers; 4) reduce the VAT rate on commercial properties to a flat 5 percent rate, from the standard 15 percent rate; and 5) review VAT exemptions to reduce tax abuses. [Ghana, Ministry of Finance, 11/15/23]

Reference: View 2024 Budget ...