value-added tax

Ghana has abolished its Covid-19 "Health Recovery Levy" and reduced its value-added tax in a bid to bolster economic growth, the government said Thursday.

Retail investors are no longer able to offset value-added tax when selling gold bought from the Shanghai Gold Exchange, the analysts add.

New art galleries are opening, encouraged by Italy’s recent decision to reduce value-added tax on art sales and imports from 22% to 5%, one of the lowest rates in the European Union.

The administration argues these tariffs respond to harmful foreign practices including currency manipulation and excessive value-added taxes imposed by other countries.

India has driven more of the economy into the formal sector, for instance by enacting a goods and services tax like Europe’s value-added tax, allowing more revenue to be extracted from more people and businesses.