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Newly introduced taxes by government takes effect today

As announced by the Ghana Revenue Authority (GRA) weeks ago, the implementation of two new taxes stated in the 2021 budget will take effect Tuesday, May 4, 2021.

In a notice issued by the GRA, it said “it will go ahead with implementing two out of the various taxes that were passed from May 1, 2021.”

The two new taxes are the COVID-19 health recovery levy and the Energy Sector levy.

With the COVID-19 health recovery levy, a toll of 1% has been imposed on the supply of goods and services in the country.

Goods and services subject to VAT flat rate will also witness this imposed 1% levy.

On the Energy Sector levy, fuel prices at various pumps will witness a 20% increment per litre.

LPG will see 18 pesewas increment per litre as well.

As of Tuesday, May 4, 2021 petroleum products have witnessed a sharp increase.

Petrol and diesel are now selling at GH¢6.130 pesewas.

Source: ghanaweb.com

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