The Global Heroes


1st May 2023 By The Global Heroes Innovation and Business

The new and updated taxes that were included in the 2023 Budget will be put into effect by the Ghana Revenue Authority (GRA) as of right now, on May 1, 2023.

Businesses have had ample time to set up their systems for the taxes since the regulations were established, according to a notification from the GRA.

The Excise Amendment Act of 2023, the Income Tax Amendment Act of 2023, and the Growth and Sustainability Levy Act of 2023 are a few of the new and updated taxes.

Due to the expansion of the Excise Duty Amendment Act to include several previously unrecognized goods and commodities, prices for processed fruit juice, cigars, mineral water, spirits, wines, and sparkling wine may rise.

According to the Ghana Union of Traders Association, it may decide not to absorb these taxes and instead pass the expenses forward to customers.

Businesses that declare losses for five years will be subject to a minimum 5% tax under the Income Tax Amendment Act. Taxes are imposed on anyone with incomes beyond $500; the more one makes, the more taxes they must pay to the state.

In the case of betting, the state will get 10% of profits, while the total revenue of gaming and lottery companies would be 20%. People who receive gains from investments, liabilities, or other non-gift-related earnings may be required to pay the state 25% of the total amount.

The Growth and Sustainability Levy Act mandates that telecom providers, oil and gas corporations, banks, and non-bank financial organizations all provide the state 5% of their pre-tax profits.

Oil and gas companies, mining companies, and other businesses must pay the GRA 1.0% of their gross output and 2.5% of their earnings before taxes, respectively.

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