Government has announced its decision to increase the Value Added Tax (VAT) by 2.5 percent.
This will move the tax policy from its current percentage of 12.5 per cent to 15.
Presenting the 2023 budget to Parliament on Thursday, the Finance Minister said the review is to directly support road construction projects and the digitization agenda.
According to Ken Ofori-Atta, the upward adjustment forms part of government’s initiative “to aggressively mobilize domestic revenue.”
Among others, the Minister said government will fast-track the implementation of the Unified Property Rate Platform programme in 2023.
He also revealed that the E-Levy Act will be reviewed.
“The headline rate from 1.5% will be reduced to one percent (1%) of the transaction value as well as the removal of the daily threshold,” he divulged.
Latest Stories
-
Bawumia’s 8 minutes elite ball that zapped the energy of trigger happy politicians
35 minutes -
It will be a betrayal if National Cathedral saga does not feature in ORAL’s work – Ablakwa
45 minutes -
‘It’s unfortunate we had to protect the public purse from Akufo-Addo’ – Ablakwa on ORAL Team’s mission
1 hour -
Congo lawyers say Apple’s supply chain statement must be verified
2 hours -
Stampede in southwestern Nigerian city causes multiple deaths
2 hours -
Tens of thousands without water in Mayotte as curfew brought in
3 hours -
ORAL: We won’t witch-hunt, we’ll focus on transparency, not revenge – Ablakwa
3 hours -
Attempted robbery: Accused claims he carried cutlass for protection
3 hours -
Excavator operator jailed for stealing
3 hours -
African fans age-shame me for putting on some outfits – Tiwa Savage
4 hours -
Tiwa Savage criticised by female fans for stance on cheating in relationships
4 hours -
Bank of England expected to hold interest rates
4 hours -
Congo river boat sinks killing at least 22
4 hours -
Nigeria approves Shell’s $2.4 billion asset sale to Renaissance
4 hours -
Embattled Liberian speaker questioned by police over parliament fire
5 hours