Businesses are likely to experience some tax cuts and in some cases total scrap in 2017 following the coming on board of a new regime.<\/p>\n
During its campaign the President elect Nana Akuffo- Addo as well as his running mate Dr Bawumia asserted that they will embark on a number of tax reforms when elected into power.<\/p>\n
[contextly_sidebar id=”tV67YHrPbhxW9z8nwhetvrvVl29K5m4s”]Some economists have however asserted the tax cuts and reduction which are also contained in the NPP’s manifesto will be impossible while others are optimistic they are achievable.<\/p>\n
Five taxes are expected to be totally scraped while five others are to be reviewed downwards.<\/p>\n
The Special Import Levy is to be abolished.<\/p>\n
The 17.5% VAT on imported medicines not produced in the country as well as the 17.5% VAT on Financial Services are also expected to be abolished.<\/p>\n
Another tax expected to be cut are the 17.5% VAT on domestic airline tickets \u00a0as well as the 5% VAT on Real Estate sales.<\/p>\n
Import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol are also to be removed .<\/p>\n
Meanwhile corporate tax rate is to be reduced from 25% to 20%.<\/p>\n
VAT for micro and small enterprises are also to be reviewed from the current 17.5% to the 3% Flat Rate VAT.<\/p>\n
Other tax reforms that are expected to be experienced include an introduction of \u00a0tax credits and other incentives for businesses that hire young graduates from tertiary institutions as well as a review of the \u00a0withholding taxes imposed on various sectors including the mining sector.<\/p>\n
–<\/p>\n
By:\u00a0 Vivian Kai Lokko\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
Businesses are likely to experience some tax cuts and in some cases total scrap in 2017 following the coming on board of a new regime. During its campaign the President elect Nana Akuffo- Addo as well as his running mate Dr Bawumia asserted that they will embark on a number of tax reforms when elected […]<\/p>\n","protected":false},"author":14,"featured_media":215954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,171],"tags":[],"class_list":["post-277147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance","category-business","category-local-economy"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/277147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=277147"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/277147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/215954"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=277147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=277147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=277147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}