As part of its efforts to reorient the economy toward growth, the government raised the Value Added Tax (VAT) from 12.5% to 15%.
The 2.5% increase is intended to directly help both the government’s digitalization drive and the roads industry.
The 2023 Budget Statement and Economic Policy of the Government were presented to the House of Representatives on Thursday by Finance Minister Ken Ofori-Atta.
Reviewing the E-Levy Act, lowering the headline rate from 1.5% to 1% of transaction value, and eliminating the daily threshold are just a few of the numerous initiatives that will be implemented in order to reset the economy.
There will be more.
