May 27, 2024
MyNewsGh

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The law slapping a 5% flat tax rate on the rental of commercial premises and immovable property of estate developers has been passed by Parliament. This follows the approval of the Value Added Tax (VAT) Amendment Bill 2023.

Notwithstanding the opposition of the minority – members of Parliament (MPs) on the National Democratic Congress (NDC) – to the new tax, the majority (MPs of the governing New Patriotic Party (NPP)), eventually, through a headcount, got it passed.

The Value Added Tax (VAT) Amendment Bill 2023 duly passed by Parliament, beyond the new tax, places a  zero rate on sanitary pads made in the country, and a tax(VAT) waiver on imported electric vehicles meant solely for public transportation.

The Government of President Nana Addo Dankwa Akufo-Addo has been criticized by some Ghanaians for promising, while in opposition, to reduce the tax burden of Ghanaians, but rather imposing new taxes on them.

But the Government has said that the taxes are needed to enable it to carry out its mandate and fulfil promises it had made to the Ghanaian public.

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Ghananewshome

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