Vat Rate Increased From 17.5% To 20%, E-levy Dropped To 1% But Threshold Removed

Ghanaians are to brace up for more hardship as VAT Rate has been increased from 17.5% to 20% begining January 2023.

This follows a 2.5% increment on VAT by government as announced by the Finance Minister Ken Ofori Atta in the 2023 budget presentation on November 23, 2022.

Meanwhile, government has slashed e-levy from 1.5 to 1% but no daily threshold of 100cedis per day.

This implies that every mobile money transaction, will automatically attract 1% deduction.

Source: Mybrytnewsroom.com/Obed Ansah