The new taxes announced in the 2021 budget are set to take effect from May 1, 2021.
These new taxes are as a result of the imposition of an Energy Sector Recovery Levy of GHS 20 pesewas per litre of petrol/diesel and 18 pesewas per kg on Liquefied Petroleum Gas (LPG).
In addition, the imposition of a Sanitation and Pollution Levy of GHS10 pesewas per litre of petrol and diesel respectively will contribute to the new tax.
Also taking effect on May 1 will be the COVID-19 Health Recovery Levy Act, 2021 (Act 1068) and the Energy Sector Levy (Amendment) Act, 2021 (Act 1064).
This Act imposes a one percent levy on the supply of goods and services made in the country, other than exempt goods or services and the import of goods and services, other than exempt imports.
The levy also applies to the supply of goods subject to the VAT Flat Rate but is not allowable as an input tax deduction.
In a statement signed by the Commissioner-General of the GRA, Rev. Ammishaddai Owusu-Amoah, the Authority said that Parliament has passed the three new tax laws and amended two existing laws to be implemented in 2021.
These laws are the Penalty and Interest Waiver Act, 2021 (Act 1065), COVID-19 Health Recovery Levy Act, 2021 (Act 1068), Financial Sector Recovery Levy Act, 2021 (Act 1067), Energy Sector Levy (Amendment) Act, 2021 (Act 1064) and the Income Tax (Amendment) Act, 2021 (Act 1066).
