#Budget2023: VAT increased to 15 percent
The government has increased the Value Added Tax (VAT) from 12.5 to 15 percent as part of measures to reset the economy to the path of growth.
The 2.5 percent increment is to directly support the roads sector and the government’s digitalisation agenda.
The Finance Minister, Ken Ofori-Atta, announced in Parliament on Thursday during the presentation of the 2023 Budget Statement and Economic Policy of the Government.
Among a raft of measures to be rolled out in line with resetting the economy is the review of the E-Levy Act and reduce the headline rate from 1.5 percent to one percent of the transaction value as well as the removal of the daily threshold.