The minister in charge of finance at the Ministry of Finance Ghana on November 24, 2022, presented the 2023 budget and government policy of Ghana to the parliament.
In the budget, the minister presented both the expected income and revenue of the country as well as the expenditure the nation will be making in the year 2023.
The minister also clearly stated sources of government revenue to finance the 2023 budget which comes with some increment in domestic taxation as well as some adjustment to some already existing taxes.
Here in this article, we bring to you a summary of what you should expect as changes in taxation should the House of Parliament approve the budget as a working document for the year in focus.
Summary of the 2023 budget taxes
- Increase of Value Added Tax (VAT) by 2.5% points making VAT 15%
- Reduction of E-levy from 1.5% of transaction value
- Removal of GHC100 daily threshold on e-levy
What this means is that consumers will pay more when they shop for goods in the country in the year 2023 by the addition of 2.5 percentage points of whatever taxes are already being paid in the form of tax.
It also means that the current value of the e-levy rate charged on electronic money transactions which is 1.5% will be reduced to 1% while the GHC100 daily minimum limit will be cut off. It means in 2023, when you withdraw GHC10, you will be charged e-levy.
