Ghana’s Parliament passes 4 Tax Amendment Bills

Ghana’s Parliament passes 4 Tax Amendment Bills

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Ghana’s Parliament has passed four Tax Amendment Bills into Law.

They are the Income Tax (Amendment) Bill, 2017, the Special Petroleum Tax (Amendment) Bill, 2017, the Special Import Levy (Amendment) Bill, 2017 and the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill, 2017.

The Income Tax Bill sought to amend the Income Tax Act, 2015 (Act 896), to exempt the gain on realization of securities of companies listed on the Ghana Stock Exchange from income tax for the period 2017 to 2021.

With regards to the Special Petroleum Tax Bill, the purpose was to amend the Special Petroleum Tax Act, 2014 (Act 879) to reduce the rate of the Special Petroleum Tax on petroleum products specified in the Schedule to Act 879 from 17.5% (seventeen and half percent) to 15% (fifteen percent).

The Special Import Levy Bill also sought to amend the Special Levy Act, 2013 (Act 861) to remove the levy payable on specified imported goods.

With respect to the Customs and Excise Bill, the object was to repeal the Customs and Excise (Petroleum Taxes and Petroleum Related levies) Act, 2005 (Act 685) thus removing the rates of excise duty on petroleum products. The Minister for Finance, Ken Ofori-Atta sponsored the Bills.

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