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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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Importers to save hundreds of dollars from import levy cuts

bycitibusinessnews
March 17, 2017
in Government, Local Economy, Top Stories, Transport
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Importers and freight forwarders are anticipating at least 200 dollars cut in cost of clearing goods following the scrapping of the one percent special import levy.

They say though the figure is marginal, its timely considering the ultimate impact in reducing the burden on businesses.

Finance Minister, Ken Ofori Atta, in the 2017 budget statement identified the one percent special import levy as one of the eight taxes to be scrapped to ease the high cost of doing business.

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Parliament has since approved the four amendment bills presented to it by the Finance Minister, Ken Ofori Atta on Tuesday, March 14.

The scrapping is also expected to reduce the prices of imports.

A Technical Committee Member of the Ghana Institute of Freight Forwarders, Johnny Mantey also tells Citi Business News they are anticipating a swift implementation by the Ghana Revenue Authority.

“Duty terms are paid on Cost, Insurance and Freight…as such to have one percent off 20,000 dollars or more is a great relief. It is significant because if you look at the quantum of goods that are cleared, this is very laudable,” he said.

“Once the Parliament has granted the approval, we would want the Commissioner General to go through the necessary procedures and automate them into the system for it to take effect as soon as possible,” he added.

The levy which is charged on the Cost, Insurance and Freight value of importers has been cited as a nuisance tax as it has increased the cost of doing business.

For instance in the World Bank’s latest ease of doing business report, Ghana inched up by three points to the108th position.

Though this is good, analysts have stressed the need to further lessen the processes of acquiring business permits and ultimately streamline the activities of all agencies so private business can thrive.

The other tax cuts that have since been approved by Parliament include the Income Tax (Amendment) Bill, Special Petroleum Tax (Amendment) Bill, as well as the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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