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Ghana introduces VAT exemption on certain textile products

  

Ghana is making efforts to recover after the Covid pandemic. This includes hiring an additional 38,000 nurses, waiving employee taxes and providing free water and electricity to millions of households. Several policies have been launched in the field of taxation. On main impetus is exemption of VAT on certain textile products. This is expected to increase the profits of business actors and expand their production.

VAT tax was bleeding textile companies. The tax component meant the cost was passed on to the depots, wholesalers, retailers and ultimately customers, who had to pay higher prices. Second, reviewing the reduction in import duty rates on all goods. The goal is that the policy of reducing import duty tariffs that are currently in effect can be more efficient and on target. Third, the reduction of the VAT rate on gold sales from unprocessed miners from three per cent to 1.5 per cent. Fourth, the creation of a property tax administration platform in 2022 with the hope of increasing tax revenue and tax administration accountability. Fifth, the imposition of electronic user fees on all electronic transactions, such as bank transfers and digital payments. The levy rate is 1.75 per cent. These various policies are expected to accelerate the recovery of the national economy.

 
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