Pulse Ghana is the most followed news and entertainment platform, informing and engaging young Ghanaians round the clock, providing updates by the hour.

Pulse Ghana

The Finance Minister Ken Ofori-Atta during the presentation of the 2018 mid-year budget review said the measures put in place will help the government deal with revenue shortfalls.

New tax measures take effect from August 1 | Pulse Ghana

Magdalene Teiko Larnyoh

<h1>The new tax measures mentioned by the Finance Minister during his presentation of the 2018 mid-year budget will be implemented from August 1, 2018.</h1>

The revised tax measures include the restructured VAT rate, Luxury Vehicle Tax, and 35 percent tax on persons earning more than ¢10,000.

READ ALSO: <a href="https://www.pulse.com.gh/news/business/icgc-goes-electronic-in-tithes-and-offering-collection-id8671587.html" id="0fc39fb5-f65b-57d1-b9ec-9fd78235ea35">ICGC goes electronic in tithes and offering collection</a>

The review was also meant to ensure that government ends the year meeting its revised revenue target of ¢51 billion.

Amendments to VAT

The law is to revise the VAT rate to 12½ percent on the taxable value of good and service and imports.

READ ALSO: <a href="https://www.pulse.com.gh/news/business/do-business-with-indigenous-banks-nduom-id8665964.html" id="1297b0ed-7e6f-539d-97b0-8b5964376bd9">Do business with indigenous banks – Nduom</a>

The Amendments would change section 3 of the VAT act 2013 (Act 870) to mandate a taxable person to account for tax payable under that section, at a rate of 12½ percent, calculated on the value of the taxable supply of the goods or services or the value of the import.

The government is looking forward to securing about ¢285 million from August to December 2018.

The various taxes were approved by parliament over the weekend paving the way for the implementation take off.

New tax measures take effect from August 1

Business

News

Entertainment

Lifestyle

Sports

Politics

Local

Filla

World

Football

Ghana Premier League

Black Stars

Celebrities

Music

Movies

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Domestic

International 

Explore categories

The Pulse Influencer Awards has been set up to recognize and highlight bright lights in the influencer space in Africa who are building active engaged communities around their niche or craft.

Influencer Awards

Company Pages

Breaking News & Top Stories | Pulse Ghana

Video

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Authors | Pulse Ghana

| Pulse Ghana

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search Results | Pulse Ghana

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana