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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Gov’t likely to review taxes – Terkper

bycitibusinessnews
January 20, 2015
in Banking And Finance, Business, Local Economy
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The Finance Minister Seth Terkper has revealed that his outfit will make a case for a possible review of taxes to cabinet soon.

This follows complaints by various business associations and Ghanaians that they are being overburdened by government after imposing new taxes including the 17.5% tax.

Apart from taxes on petroleum products, some Ghanaians have also expressed concerns over the re-introduction of the 17.5 percent of VAT on about 30 banking services.

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The Institute of Economic Affairs (IEA) in 2014, for instance, described as unwarranted, the decision by government to slap a 17.5 percent tax on petroleum products.

However speaking on the Citi Breakfast Show, Terkper said government might make some adjustments to figures of various taxes after cabinet has completed with its deliberations.

Set backs

Government has been missing its revenue targets from cocoa , gold and oil for sometime now, following changes in the prices of those commodities on the world market.

Ghana’s economy has also faced some significant economic challenges over the past two years.

The drop in the prices of these commodities have been named as one of the main reasons leading to the economic challenges.

According to Terkper, one of the factors that  have contributed to revenue shortfalls over the past few years is the decision by government to export about 83,000 barrels of crude oil instead of the initial 90,000 barrels.

“In 2012 part of the problems that we had was that in the first few years of exporting crude, we had estimated that we are going export 90,000 barrels a day we ended up exporting 83,000 a day and there was a gap that opened. So at the time we were contending with subsidy , we were contending with Single Spine arrears and the rest. Also,we were also getting a significant revenue shortfall in the budget and therefore we were spending at levels at which we were not generating sufficient revenues which led to more borrowing…”

He however stated that government will not repeat the mistake it committed in 2012.

– By: Marian Efe Ansah/citifmonline.com/Ghana

 

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