COVID Levy, GETFund and NHIS Levy To Be Removed in VAT Reforms

Finance Minister Cassiel Ato Forson has announced that the imminent Value Added Tax (VAT) reforms will exclude the COVID Levy, GETFund and NHIS Levy.

Speaking in Parliament, he said the comprehensive Value Added Tax reforms are aimed at addressing the distortions and cascading effect inherent in the current VAT.

In addition, he said the VAT Flat rate will be removed while the VAT rate will be reduced.

The reforms will also witness the implementation of a unified VAT rate and the exemption of small and micro businesses from the VAT registration threshold.

In this regard, he envisages the non-compliance to improve through public education, awareness creation and the deployment of electronic devices.

“The Ministry of Finance hopes to complete this process by September 2025, prepare a new VAT bill by October 2025 and submit the same to Parliament as part of the 2026 Statement…I would like to reassure the people of Ghana that at the minimum, the following will happen.”

source: https://opemsuo.com/author/hajara-fuseini/