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Ghana’s Parliament has passed the Value Added Tax (VAT) Amendment Bill 2023, a legislation imposing a flat 5 percent tax on commercial property rentals and the sale of immovable property by estate developers.
Additionally, the bill seeks to eliminate VAT on the import of electric cars intended for public transportation and imposes a zero rate on locally manufactured sanitary pads.
During the second reading stage, the Minority caucus voiced their objection to the bill, citing concerns about increased taxes. Despite their objection, a voice vote favored the majority. The Minority caucus requested a headcount vote, which revealed 137 votes in favor and 134 against, leading to the passage of the bill.
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In a separate development, Parliament also enacted the 2023 Appropriations law, granting the government authorization to spend 259 billion Ghanaian Cedis in 2024 from the consolidated fund. The appropriations bill encompasses the total estimates of the government’s proposed spending for the upcoming fiscal year.
The revenue bills, including the controversial VAT Amendment measure 2023, the Excise Duty Amendment Bill 2023, and the Emissions Levy Bill 2023, were passed before the appropriations measure. The 2023 Appropriations bill is set to take effect on January 1, 2023, following the President’s signature.
Parliament has adjourned sine die for the Christmas holidays, marking the conclusion of its sessions for the year.
