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Ghana: Budget for 2017 — direct taxation

On 2 March 2017, the Minister of Finance presented the Budget for 2017 to Parliament. The budget proposed the following tax measures with respect to direct taxation as summarized below.

Capital gains tax (CGT)

  • Exempt gains realized from the sale of securities listed on the Ghana Stock Exchange or publicly held securities approved by the Securities and Exchange Commission from CGT

Trusts and alternative investments

  • Issue regulations to govern asset-backed instruments, including real estate investment trusts and mortgage-backed securities
  • Enable the pensions industry to support the development of these assets classes and other alternative investment schemes

Tax incentives

  • Grant tax credits and other incentives for businesses that hire young graduates
  • Undertake a comprehensive review of the import duty waivers and tax exemptions granted to the following categories of persons, among others:
    • Government ministries, departments and agencies
    • Domestic and foreign companies doing business in Ghana
    • Suppliers and contractors executing projects and contracts in Ghana
    • Employees, directors and senior officials of both domestic and foreign companies, suppliers and contractors executing projects in Ghana
    • Nongovernmental and charity organizations
  • Require applicants for import duties waivers and tax exemptions to pay all applicable import duties and taxes, and then apply with justification for a refund (the Minister of Finance may discretionally waive this requirement in exceptional circumstances)

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