Parliament passes VAT Amendment Bill

Parliament has approved the Value Added Tax Amendment Bill 2023 which imposes a 5 percent flat rate for the rental of commercial premises and the sale of immovable property by an estate developer.

The VAT Amendment Bill 2023 also seeks to introduce a zero rate on locally produced sanitary pads and waive VAT on the import of electric vehicles for public transportation.

The Minority caucus voiced its opposition against the bill due to the imposition of taxes and called for a headcount vote after a voice vote was declared in favour of the majority at the second reading stage.

The ayes recorded 137 votes while the nayes had 134, leading to the approval of the amendment bill.

Parliament also passed the 2023 Appropriation bill, offering the government the approval to spend an amount of 259 billion Ghana Cedis from the consolidated fund in the year 2024.

The appropriation bill is the summation of all estimates of the government’s proposed expenditure for the ensuing financial year.

The passage of the appropriation bill followed the passage of revenue bills such as the VAT Amendment Bill 2023, Excise Duty Amendment Bill 2023 and the Emissions Levy Bill 2023.

The 2023 Appropriation bill when approved by the President will come into force on January 1, 2023.

Meanwhile, the house has adjourned sine dine for the Christmas festivities.

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