Ghana VAT changes

The Ghanaian government has introduced in 2015 a number of VAT changes to help fund its restructuring program. The changes include:

• Levying 5% VAT flat rate scheme on immovable property
• Withdrawal of the VAT refund account
• Withdrawal of import VAT and duties on education supplies, smart phones and some farm implements
• Imposition of VAT on financial services
• Nil VAT rating on domestically produced pharmaceuticals
• Withdrawal of VAT relief on purchase order schemes
• Rise in excise duties on tobacco
• Introduction of Tax Payer Identification number (TIN) for port transactions
• Introducing a new 17.5% levy on petrol
• Introduction of a VAT Credit to replace the advanced VAT exemption system