Government has begun a review of tax exemptions for companies operating in the country.
Finance Minister, Ken Ofori Atta who disclosed this said some of the exemptions granted companies may not be relevant.
The review follows concerns raised by a section of the public over waivers issued to multinational companies
The Trade Ministry recently announced that companies operating under the One District One Factory Policy will have tax holidays.
The Minority in Parliament earlier expressed worry over the approval of a 259 million dollar tax waiver for AngloGold Ashanti.
Speaking at the Danquah Institute’s Economic Forum, Mr. Ofori-Atta said although the move is to make Ghana’s economy competitive to attract more foreign direct investments, government is looking at recalibrating the exemption policy.
“It is for us to become competitive in terms of attraction of foreign direct investment, it is an important element. We can’t pretend that we have adequate savings for the treachery of growth we want. But we have actually reassessed that and there is a cabinet document that is supposed to go to Parliament for recalibration”.
He expressed confidence that the review will ensure a better balance of the exemption policy
Meanwhile, the Ghana Revenue Authority says there was a dip in revenue generation at the various ports in 2018, despite the introduction of reforms to increase revenue generation.
Also speaking at the Danquah Institute’s Maiden Economic Forum, the Commissioner of Customs at the GRA, Isaac Crentsil disclosed that the Tema Harbour where about 80 percent of the country’s revenue is generated recorded only 7 percent revenue increase.
