Since taking office in 2017, the government led by President Nana Addo Dankwa Akufo-Addo has introduced 50 new taxes.
This information was highlighted by Dr. Cassiel Ato Forson, the Minority Leader in Ghana's Parliament.
He criticised these tax measures for placing an additional burden on impoverished Ghanaians and businesses, contradicting the government's earlier promise to shift from a tax-based to a production-based economy.
This phenomenon of tax introduced has raised alarm among entrepreneurs, economists, and policymakers, prompting a critical examination of the factors at play and the implications for the country's economic future.
Here are some of the notable taxes Nana Addo introduced since 2017:
- 3% VAT Flat Rate
- 5% increase in VAT by making GETFund and NHIL levies straight taxes
- 25% increase in corporate tax
- 2% Special Import Levy
- 1% COVID-19 Health Recovery Levy on the 3% VAT flat rate
- 5% National Fiscal Stabilisation Levy
- Financial Sector Cleanup Levy - 5% on profits of banks
- 20 pesewas levy on a liter of petrol/diesel
- 10 pesewas Sanitation Levy on a liter of petrol/diesel
- 18 pesewas levy on LPG
- Luxury vehicle tax
- 50% increase in Communication Service Tax
- 30% increase in Energy Sector Levy
- 11% increase in Special Petroleum Tax
- 200% increase in BOST margin
- 40% increase in Price Stabilization & Recovery Levy
- 10% withholding tax on betting, lottery, etc.
- 20% tax on betting companies
- 35% increase in Income Tax for high earners
- 3% & 10% withholding tax on realization of assets and liabilities
- 25% increase in tax on gifts and gains
- Profit before tax levy on companies
- 5% tax on companies declaring losses
- 1.5% Electronic Transfer Levy (E-Levy)
- 1.75% tax on bank transfers
- 1.75% tax on remittances
- 15% increase in government fees
- 35% increase in corporate tax on mining companies
- 22% corporate tax on hotels
- Excise duty on cars, motorbikes, etc.
- 1% stamp tax
- 35% payroll tax (PAYE)
- Customs and Excise duties on sachet water, bottled water, malt drinks, beers, wines, spirits, cigars, plastic products, textiles, etc.
- Growth and Sustainability Levy
- Excise Duty Amendment Bill 2022
- Ghana Revenue Authority Bill 2022
- Income Tax Amendment Bill 2022
- New Income Tax for Lottery, Betting & Games of Chance
- Withholding Tax on Winnings from Betting, Lottery & Games of Chance
- Increased Marginal Income Tax Rate for Individuals
- Foreign Exchange (FX) Loss Deductibility Restrictions
- New Tax Return for Realisation of Assets & Liabilities
- Pension-Related Tax Exemption for Early Withdrawals
- Changes in Motor Vehicle Benefit for Employees
- Road Fund Levy Increase
- Excise duty on sachet water, bottled water, malt drinks, beers, wines, spirits, cigars, plastic products, textiles, etc.
- Excise Duty Review
- Excise Tax Stamps on products
- Unified Loss Carry Forward Position
- Foreign Exchange (FX) Loss Deductibility Restrictions