{"id":277147,"date":"2016-12-15T18:59:42","date_gmt":"2016-12-15T18:59:42","guid":{"rendered":"http:\/\/citifmonline.com\/?p=277147"},"modified":"2016-12-15T18:59:42","modified_gmt":"2016-12-15T18:59:42","slug":"6-taxes-likely-to-be-scrapped-in-2017","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/12\/6-taxes-likely-to-be-scrapped-in-2017\/","title":{"rendered":"6 taxes likely to be scrapped in 2017"},"content":{"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.<\/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":[],"categories":[121,32,171],"tags":[],"yoast_head":"\n