The government introduced several revenue bills, including the Excise Duty, Growth and Sustainability Levy, and Income Amendment bills, on Friday, March 31.
Citizens, CSOs, and the business community at large have criticised the move, pointing to the country’s current terrible economic situation as the reason. The government anticipates that the bills might generate roughly GH4 billion in domestic income once implemented.
They argue that this is another way the government is trying to steal money from the people of Ghana and will only make things worse for local and international enterprises.
However, the administration is adamant that these tax increases will generate about GHc4.00 billion per year if fully implemented.
Revenues of around GHc1.29 billion will come from the Income Tax (Amendment) Bill, 2022, which changes the Income Tax Act, 2015 (Act 896) and the Growth and Sustainability Levy in 2023.
It is estimated that the passage of the Excise Duty (Amendment) Bill, 2022, which changes the Excise Duty Act, 2014 (Act 878) will bring in some GH455 million.
The changes made to the modified Excise Duty Levy by the Ghanaian Parliament will reflect on the items below.
- MINERAL/AERATED WATER
- NON-ALCOHOLIC BEER/DRINKS
- ENERGY DRINKS
- DISTILLED/BOTTLED WATER
- FRUIT JUICES
- MALT DRINKS
- BEER/STOUT/INDEGINOUS BEER
- CIDER BEER
- WINES
- AKPETESHIE
- CIGARETTE
- CIGARS
- NEGROHEAD
- SNUFF/OTHER TOBACCO PRODUCTS
- E-CIGARETTE
- E-SMOKING DEVICES
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