On Friday March 31, Members of parliament passed the Excise Duty, Growth and Sustainability Levy and Income Amendment Bills after government tabled the revenue bills for consideration.
While government believes that the bills could generate about GH¢4 billion in domestic revenue when implemented, citizens, CSOs and the business community at large have berated the decision citing the already difficult economic conditions in the country.
They contend that the taxes will further burden Ghanaians and compound the woes of indigenous and foreign businesses operating in the country.
But government insists that the tax measures, when implemented, will lead to a revenue yield of approximately GH¢4.00 billion annually.
Under the Growth and Sustainability Levy, government expects to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.
The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.
In view of this, the items contained under the amended Excise Duty Levy which will impose taxes.
• Non-Alcoholic beer and drinks
• Mineral water/aerated water
• Cigarettes
• Energy drinks
• Bottled/ Distilled water
• Cigars
• Fruit Juices
• Malt drinks
• Wines
• Cider Beer
• E-Cigarette
• E-smoking devices
• Negrohead
• Snuff and other Tobacco products
• Beers/Stout/Indigenous Beer