This information was highlighted by Dr. Cassiel Ato Forson, the Minority Leader in Ghana's Parliament.
He criticised these tax measures for placing an additional burden on impoverished Ghanaians and businesses, contradicting the government's earlier promise to shift from a tax-based to a production-based economy.
This phenomenon of tax introduced has raised alarm among entrepreneurs, economists, and policymakers, prompting a critical examination of the factors at play and the implications for the country's economic future.
Here are some of the notable taxes Nana Addo introduced since 2017:
- 3% VAT flat rate
- 5% increase in VAT
- Make GETFUND & NHIL levies, taxes
- 25% increase in corporate tax
- 2% Special Import Levy
- 1% COVID levy + 3% VAT = 4%
- 1% COVID levy on 2.5% NHIL levy
- 5% Fiscal Stabilisation Levy
- 5% Financial Sector cleanup (collapse banks) recovery levy
- 1% E-Levy
- 20p levy on a litre of petrol/diesel
- 10p Sanitation (Borla) Levy on a litre of petrol/diesel
- 18p levy on LPG
- 2.5% increase in VAT
- Luxury vehicle tax
- 50% increase in Call Tax
- 30% increase in the Energy Sector Levy (ESLA)
- 11% increase in Special Petroleum Tax
- 200% increase in BOST margin
- 40% increase in Price Stabilization & Recovery levy
- 25% increase in Primary Distribution margin
- 36% increase in Unified Petroleum Price Fund
- Road Fund increase
- 10% withholding tax on betting, lottery, etc
- 20% increase in tax on betting companies
- 35% increase in Income Tax
- 3% & 10% withholding tax on assets & liabilities
- 25% increase on tax on gifts & gains
- Profit before tax levy on companies
- 5% tax on companies declaring losses
- Tax on motor vehicle benefits
- 1.75% tax on bank transfers
- 1.75% tax on remittances (borgo tax)
- 15% increase in govt fees
- 35% increase in corporate tax on mining companies
- 22% corporate tax on hotels
- Excise duty for owning a car, motorbike, etc
- 1% stamp tax
- 35% payroll tax (PAYE)
- Customs & Excise duty on sachet water, bottled water, malt drinks, beers, wines, spirits, cigars, plastic products, textiles, etc.