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The Restructured VAT Rate Tax on Luxury Vehicles and 35 percent on Persons Earning More Than 10,000 Cedis Will Be Implemented Effective August 1, 2018.
Here are some of the tax measures Minister of Finance Ken Ofori Atta announced last week in his review of the six-month budget to help fill the income gap.
The review also aimed to ensure that the government finishes the year with a revised revenue target of 51 billion ¢.
Proposed Income Tax Amendments According to the Memo Submitted by the Ministry of Finance
Documents cited by JoyBusiness indicate that the Ministry of Finance is considering revising the bill (amendment ) on the income tax. amend the first Schedule to the Income Tax Act, 2016 (Bill 896) to revise personal income tax rates and provide for related provisions
The first Schedule to the Income Tax Act, Income Tax Act provides The review would also aim to increase the income tax rate from 20% to 25%.
It is estimated that this tax is expected to yield about 171 million euros over the next six months ending in December.
We are asking for more time before the tax is applied even after Parliament's approval this week. But the Member
Amendments to VAT
The objective of the law is to revise the rate of VAT at 12½% on the badessed value of goods and services and imports [19659008] of the 2013 VAT Law (Law 870) to oblige a taxable person to pay the tax payable under this Article at the rate of 12½ per cent, calculated on the value of the taxable supply of the goods or services or the value of the import.
Projections
The government hopes to get about 285 million from August to December 2018.
The various taxes were approved by parliament this weekend to allow the takeoff of the implementation.
Timeframes for Implementation and Concerns
Some business badociations have insisted on getting more time even after Parliament pbaded this law.
Deputy Minister of Finance Kwek "We hope that Parliament will be able to work on this issue as soon as possible before the President gives it an accent before the end of July," he said. he adds. and that as of August 1, we will begin to fully implement the requirement of the new tax measures.
"As far as we are concerned, the questions relating to it have been fully studied and the adoption of the bill will be resolved. this process. What Parliament adopts becomes a law that may not be subject to disagreement and I have sent points of view as you suggest.
"Once the law is in force, our government must ensure the law is enforced and the benefits to the economy are achieved," he added.
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