{"id":138215,"date":"2024-01-12T09:41:22","date_gmt":"2024-01-12T09:41:22","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/12\/finance-ministry-announces-start-of-vat-on-electricity-consumption\/"},"modified":"2024-01-12T09:41:22","modified_gmt":"2024-01-12T09:41:22","slug":"finance-ministry-announces-start-of-vat-on-electricity-consumption","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/12\/finance-ministry-announces-start-of-vat-on-electricity-consumption\/","title":{"rendered":"Finance Ministry announces start of VAT on electricity consumption \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The Ministry of Finance has announced that the implementation of the 15% Value Added Tax (VAT) for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units has commenced.<\/strong><\/p>\n<p>The Ministry said, this is in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870).<\/p>\n<p>It started effective 1\u2033 January 2024.<\/p>\n<p>This forms part of the implementation of the Government\u2019s Medium-Term Revenue Strategy and the International Monetary Fund (IMF) Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the Ministry said.<\/p>\n<p>For the avoidance of doubt, a statement issued by the Ministry said, VAT is still exempt for \u201ca supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units\u201d in line with Section 35 and 37 and the First Schedule (9) of Act 870.<\/p>\n<p>\u201cThe Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) are, hereby, requested to liaise with the Ghana Revenue Authority (GRA) to ensure that the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units takes effect on 1 January 2024, in line with Sectio35 and 37 and the First Schedule (9) of Act 870,\u201d it said.<\/p>\n<p>\u201c By a copy of this letter GRA is requested to ensure that it liaises with ECG and NEDCO for the transfer of the revenues collected from the implementation of VAT on the subject matter as part of its domestic VAT collections,\u201d it added.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/finace-212x300.jpg\" alt=\"Finance Ministry announces start of VAT on electricity consumption\" class=\"wp-image-343587\" title=\"Finance Ministry announces start of VAT on electricity consumption\"\/><\/figure>\n<p>3news.com<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Finance has announced that the implementation of the 15% Value Added Tax (VAT) for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units has commenced. The Ministry said, this is in line with Section 35 and 37 and the First Schedule (9) of Value Added [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":128040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-138215","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Finance Ministry announces start of VAT on electricity consumption \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/12\/finance-ministry-announces-start-of-vat-on-electricity-consumption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry announces start of VAT on electricity consumption \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Finance has announced that the implementation of the 15% Value Added Tax (VAT) for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units has commenced. 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