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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

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

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

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

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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Traders advocacy group lauds government for not introducing new taxes in budget review

byMichael Ogbodu
August 3, 2021
in Business, Local Economy, Top Stories
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Traders Advocacy Group Ghana has commended the government for not introducing new taxes in the 2021 mid-year budget review.

The government as part of efforts towards reviving the economy amidst the Covid-19- pandemic earlier in the year introduced some new taxes, including the Energy Sector Recovery Levy.

In an interview with Citi Business News, General Secretary of the Traders Advocacy Group Ghana, Nana Poku however said the scrapping of some of these new taxes that he describes as ‘nuisance’ would have been preferred.Nana Poku

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“Adding more taxes, for traders, I think could have been a suicidal action because the way the economy is trending now, we could see a certain urgency on capital lost on the side of the traders. A lot of the traders have lost most of their capital and yet the finance ministry trying to come with additional taxes wouldn’t have helped and more, so there are some taxes formerly the vice president advocated for it to be removed from the taxation on charges, and now we see that a lot has come on board.”

The taxes that were introduced in the 2021 budget according to the Ghana Revenue Website include; COVID-19 Health Recovery Levy Act, 2021 (Act 1068), the COVID-19 Health Recovery Levy, Financial Sector Recovery Levy Act, 2021 (Act 1067), Energy Sector Levy (Amendment) Act, 2021 (Act 1064), among others.

These taxes were met with a lot of opposition, while the Ghana Union of Traders Associations called on the government to ensure the citizenry get value for money to prevent tax fatigue.

Some like energy consultant, Dr. Yussif Sulemana had also expected a review of the taxes introduced on petroleum products arguing that the additional revenue generated from the sale of the country’s crude due to a hike in fuel prices on the world market should make up for the shortfalls.

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