Ghana VAT changes

Thu 15th Jan 2015

The Ghanaian government has introduced in 2015 a number of VAT changes to help fund its restructuring program. The changes include:

  • Levying 5% VAT flat rate scheme on immovable property
  • Withdrawal of the VAT refund account
  • Withdrawal of import VAT and duties on education supplies, smart phones and some farm implements
  • Imposition of VAT on financial services
  • Nil VAT rating on domestically produced pharmaceuticals
  • Withdrawal of VAT relief on purchase order schemes
  • Rise in excise duties on tobacco
  • Introduction of Tax Payer Identification number (TIN) for port transactions
  • Introducing a new 17.5% levy on petrol
  • Introduction of a VAT Credit to replace the advanced VAT exemption system