The Excise Amendment Act, of 2023, the Income Tax Amendment Act, of 2023, and the Growth and Sustainability Levy Act, of 2023 are among the new and revised taxes.
The Excise Duty Amendment Act has been expanded to cover some items and commodities that were not previously captured, which may result in increased prices for processed fruit juice, cigar, mineral water, spirits, wines, and sparkling wine.
In response to the new taxes, the Ghana Union of Traders Association has stated that it may not absorb these taxes and could pass on the costs to consumers.
The Income Tax Amendment Act will impose a minimum of 5% tax on firms that report losses for five years. Individuals earning income beyond ¢500 will attract some taxes, and the more one earns, the more taxes one will pay to the state.
For betting, 10% of earnings will be paid to the state, while lottery and gaming firms will pay 20% of their gross revenue. Individuals who receive gains from investment assets or liabilities and other non-gift-related earnings may have to pay 25% of the value to the state.
Under the Growth and Sustainability Levy Act, banks, non-bank financial institutions, telecom companies, and firms working in the oil sector will have to pay 5% of their profit before tax to the state.
Mining firms, oil and gas companies will pay 1.0% of their gross production, and all other firms will pay 2.5% of their profit before tax to the GRA.