Government has been heavily criticised for hikes in taxes under the New Tax Law ACT 896 2015.
For example, financial institutions are required to pay Value Added Taxes on financial transactions that has to do with debit, credit, issuance of cheque books and loans granted to business and individuals.
Since parliament approved the new taxes and the government implemented same in January 2016, the Association of Ghana Industries has continually identified it as one of the key deterrents to businesses in Ghana in their Business Barometer Report.
AGI’s Business Barometer Report is measures business confidence in the economy, identifying the key factors hampering business operations in the country, and is released on a quarterly basis. High taxes has been a constant feature in the first and second quarters of 2016.
But how do Ghana’s corporate and personal taxes compare with counterpart countries on the African Continent.
Here are the first twenty countries with the highest tax rates in Africa: