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    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

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    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

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    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    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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    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

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

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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Ofori-Atta to present mid-year budget review on July 24

bycitibusinessnews
July 12, 2019
in Economy, Government, Markets
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The Finance Minister Ken Ofori-Atta is expected to present the government’s supplementary budget statement to Parliament on July 24.

The presentation was earlier scheduled to be made on July 17 but has now been pushed a week ahead.

The Public Financial Management Act, 2016 (PFMA) Act-921, requires that the Finance Minister presents a Mid-Year Review to parliament six months after the presentation of the main budget for that fiscal year.

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Mr. Ofori-Atta is expected to use the opportunity to review some of the key macroeconomic targets announced in the 2019 budget read last year.

Also, the Minister is expected to outline a number of tax measures that should help boost domestic revenue drive after a run of underperformance in the last two to three years.

Government has consistently spoken of its desire to streamline its tax exemptions regime which is estimated to cost more than 1.6 percent of GDP annually.

Moreover, the government unable to consistently hit its revenue targets, the tax exemptions appears a low hanging fruit government would be seeking to pluck as it bids to collect more revenue to execute its budget ahead of next year’s elections.

Already, there have been a number of reforms at the revenue collecting authority with key commissioners reassigned and others promoted as part of the move to spur revenue collection.

Also expected to feature prominently in the supplementary budget is the review of the luxury vehicle tax which has drawn a varying degree of criticisms from stakeholders.

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