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New tax measures take effect from August 1
The Finance Minister Ken Ofori-Atta during the presentation of the 2018 mid-year budget review said the measures put in place will help the government deal with revenue shortfalls.
The revised tax measures include the restructured VAT rate, Luxury Vehicle Tax, and 35 percent tax on persons earning more than ¢10,000.
The review was also meant to ensure that government ends the year meeting its revised revenue target of ¢51 billion.
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Amendments to VAT
The law is to revise the VAT rate to 12½ percent on the taxable value of good and service and imports.
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The Amendments would change section 3 of the VAT act 2013 (Act 870) to mandate a taxable person to account for tax payable under that section, at a rate of 12½ percent, calculated on the value of the taxable supply of the goods or services or the value of the import.
The government is looking forward to securing about ¢285 million from August to December 2018.
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The various taxes were approved by parliament over the weekend paving the way for the implementation take off.
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