Insight/News
Independent Tax Appeal Board to become operational from 2026
The finance minister has announced that the Independent Tax Appeal Board (ITAB) will become fully operational from January 2026, following the completion of the relevant legislative process in November 2025.
The ITAB was establish to provide an independent avenue for resolving tax disputes between taxpayers and the Ghana Revenue Authority (GRA), serving as the first appellate body before matters proceed to the courts.
The ITAB was establish to provide an independent avenue for resolving tax disputes between taxpayers and the Ghana Revenue Authority (GRA), serving as the first appellate body before matters proceed to the courts.
Implementation of the new Value Added Tax Act, 2025 (Act 1151)
The Government of Ghana announced a major overhaul of the Value Added Tax (VAT) with a strong focus on reducing tax pressure on small businesses.
The new legislation contains the following key changes:
Increasing Value Added Tax (VAT) registration threshold for goods to GHS750,000;
Abolishing the 1% COVID-19 health recovery levy;
Claiming the NHIL (2.5%) and the GETFund levy (2.5%) as deductible input taxes;
Abolishing the VAT flat rate scheme; and
Reducing the total effective VAT rate to 20%
Adoption and Implementation of IFRS 18
IFRS 18 – Presentation and Disclosure in Financial Statements is a new standard issued by the IASB to enhance the structure, transparency, and comparability of financial statements.
It replaces IAS 1 and introduces a more consistent presentation of financial performance, particularly in the Statement of Profit or Loss.
The standard is effective from January 1, 2027 with early adoption permitted.
