growth and sustainability levy

26 Apr

Understanding Ghana’s Growth And Sustainability Levy Act Of 2023 (Act 1095)

wontumionlineBusinessgrowth and sustainability levy, Parliament

“You don’t pay taxes – they take taxes” – Chris Rock. The Parliament of Ghana on the night of 31st March 2023 passed the Growth & Sustainability Levy bill, into law replacing the National Fiscal Stabilisation Levy Act, 2013 (Act 862). Many Ghanaians woke up to the news on April Fools’ Day. In fact, three new tax laws were passed that very night by Parliament. The object of the Growth & Sustainability Levy Act 2023 (ACT 1095) is to raise revenue for the growth and fiscal sustainability of the economy and the Levy is payable in respect of profits before tax…

03 Apr

Read How The Growth And Sustainability Levy Affects Mining, Upstream Oil And Gas Sectors

wontumionlineBusinessgrowth and sustainability levy, Mining

The recently passed Growth and Sustainability Levy Bill is seeking to raise revenue for the growth and fiscal sustainability of the economy. The memorandum that accompanied the Bill, indicated that the Coronavirus Disease (COVID-19) pandemic led to a significant reduction in revenues and increased expenditure enormously. This has been compounded by the Russian-Ukraine war resulting in unprecedented global crises, depreciation in currencies and impacted living conditions and inflation levels. Parliament on Friday, March 31st passed three revenue Bills including Growth and Sustainability Levy Bill as part of measures to raised GHS4billion cedis to support the economy. The application of this…