The New Patriotic Party (NPP) government under President Nana Addo Dankwa Akufo-Addo’s Presidency has proposed some six (6) new taxes and levies in the 2021 budget and Economic Policy for the 2021 Financial Year.
The budget statement presented to Parliament by the Hon. Osei Kyei-Mensah-Bonsu on the authority of President Nana Addo Dankwa Akufo-Addo on Friday, 12th March, 2021 has outlined some new taxes and levies for the new financial year.
The taxes and levies for 2021 Financial Year captured in the 2021 budget and Economic Policy by government include
1. Introduction of 5% Financial Sector Cleanup Levy on Profit before Tax on Banks.
2. Increment in road tolls
3. Increment in Special Petroleum Levy by 10ps per litre. The total Increment at ex-pump is about 5% if you include other Petroleum taxes.
4. Waiver of interest and penalty on unpaid taxes if paid by September 2021 (Amnesty).
5. Increment in NHIL by 1% (from 2.5% to 3.5%) as COVID- 19 Levy.
6. Increment in VAT Flat rate by 1% ( from 3% to 4%) as COVID 19 levy.