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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Joe Jackson laments “deafening silence” on taxation in 2020 Mid-year budget

bycitibusinessnews
July 26, 2020
in Local Economy, Top Stories
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The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, says government’s silence on taxation during the 2020 Mid-year budget review presentation is worrying.

According to the Finance Minister, the double shock of the pandemic and a global economic recession, have resulted in a revenue shortfall of GH¢13.6 billion and unexpected but necessary expenditures of approximately GH¢11.7 billion.

He said the country’s total expenditures (including arrears clearance) amounted to GH¢46,352 million or 12.0 percent of GDP, compared with the programme target of GH¢41,554 million or 10.8 percent of GDP. He thus requested for a supplementary budget of 11. 8 billion Ghana cedis, to support government’s expenditure for the rest of the year towards the implementation of various initiatives to strengthen the economy.

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Among other things, the Minister announced new measures such as reduction in the Communication Service tax from 9 to 6 percent and the extension of free water supply to Ghanaians for the next three months and free electricity supply to lifeline consumers for the rest of the year.

While welcoming the extension of social interventions in response to the impact of the COVID-19 pandemic, Mr. Joe Jackson told Citi Business News considering the huge drop in government’s revenue as businesses struggle; it would have been prudent for government to announce some steps to boost domestic revenue collection.

He however thinks the silence on taxation may be as a result of the fact that it is an election year.

“There is no innovative tax. There was a deafening silence about taxes, so in effect, that is what the election year effect has been that we are ready to increase expenditure, we expect revenue to drop, and yet there was a deafening silence about tax schemes” he lamented.

Various sectors of the economy had hoped the budget contains some form of tax reliefs to cushion them against the impact of the coronavirus pandemic on their businesses.

The Ghana Union of Traders Association (GUTA) for instance had wanted government to widen the country’s tax net to capture many more businesses to boost revenue generation.

Parliament has said it will take the request from government for a supplementary budget through three days of scrutiny before approval, according to the Majority Leader, Osei Kyei Mensah-Bonsu.

“Deliberations will begin on Monday 27th of July, 2020, and conclude on Tuesday, 28th July, 2020. If there is enough space, we will wind up with deliberations on Wednesday 29th July. The House may have to sit for longer next week to arrive at a conclusion”.

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