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Ghana Introduces Flat-Rate VAT, New Exemptions

by Lorys Charalambous, Tax-News.com, Cyprus

02 May 2017


The Ghanaian Government has released an overview of an amendment to the VAT Act, which entered into force in early April, to amend the list of exempt supplies and introduce a VAT flat-rate arrangement for retailers and wholesalers.

Effective April 7, 2017, Section 3 of the VAT Act was amended to introduce a flat-rate of VAT of three percent for retailers and wholesalers of goods. Services and imports continue to be subject to the headline rate of 17.5 percent (VAT of 15 percent and Ghana's National Health Insurance Levy of 2.5 percent). The flat rate does not apply to the supply of power-generated heat, refrigeration, or ventilation.

Section 48 was amended to preclude wholesalers and retailers subject to the flat-rate scheme from claiming input tax credits.

In addition, the list of exempt supplies was expanded. The exemption newly covers the supply of domestic air transportation services; the supply of immovable property, including land, to be used or intended to be used for the purpose of a dwelling; financial services; and supplies of crude oil and residual fuel oil.

TAGS: Insurance | tax | value added tax (VAT) | financial services | tax credits | retail | Ghana | services | Health Insurance

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