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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

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    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

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    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

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Re-evaluate tax measures to help make industry competitive – AGI to Gov’t

byBobbie Osei
July 29, 2019
in Economy, Local Economy, Manufacturing
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Ahead of the 2019 mid-year budget review presentation later this morning, some private individuals and institutions have added their voice, to calls for some major reforms.

The presentation of the supplementary budget by the Finance Minister, Ken Ofori-Attah, comes 8 months after the presentation of the main 2019 budget in November last year.

Speaking to Citi Business News about the expectations of industry, the CEO of the Association of Ghana Industries Seth Twum Akwaboah, said a review of some tax measures like the decoupling of the GETFund and NHIL Levy from VAT, will go a long way to make industry more competitive.

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“We’ve had a few concerns that we would want dealt with, one of them being the newly introduced benchmark value policy, there’s also the issue of the decoupling of the GETFund and NHIL Levy from VAT. It’s negatively affecting the competitiveness of companies in the country.”

On his part the Executive Director of the Ghana Integrity Initiative (GII) and the Chairman of the Tax Justice Coalition Ghana Vitus Azeem said he was afraid Government will not be able to introduce much needed tax reforms to raise revenue due to fears over election 2020.

“Because we are approaching an election year, the government may not be bold enough to insist on some of the taxes they would have put in place. With the pressure on the luxury vehicle tax for example they are likely to either reduce it or remove it entirely.”

For the agriculture sector the 2009 National best farmer Davies Korboe called for the establishment of an Agriculture fund that will help farmers across the country secure affordable credit.

“Anybody in the Agriculture space wants to see an Agriculture Development Fund. This fund will allow people in the Agriculture value chain to access credit with interest rates like 10 to 12 percent. If the hard working famers of Ghana get such support they will do wonders.”

 

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