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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

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AGI urges Government to speedily take a decision on Tax Exemptions Bill

byNerteley Nettey
July 15, 2022
in Business, Local Economy, Top Stories
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The Association of Ghana Industries, AGI, is entreating Parliament to decide on the tax exemption bill which was brought before the house in 2019.

The push by the Association follows calls by many stakeholders to government to put in place measures to ensure the State is not deprived of billions of cedis, especially through tax exemptions every year.

The Association believes the exemptions regime has suffered many cases of abuse, often resulting in revenue losses for Government.

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In an interview with Citi Business News, the Greater Accra regional chair of the Association of Ghana Industries, Tsonam Akpeloo urged government to use the upcoming mid-year budget review to expedite action on the passage of the exemptions bill into law to streamline the process and equally engender transparency.

“The exemption bill has been on the table for quite some time now. It’s been one of the things that we’ve been advocating because we believe that it’s high time parliament finally passed the bill into law. The issue is that the tax exemption bill has not been properly streamlined in the past. It appears that it’s subject to the discretion of officials of the ministry, and as a result, we believe government is losing a lot of revenue.  So, we need to have this publicly streamlined for our members to be fully aware of the requirements of qualifying to be able to assess tax exemption,’ he said.

The Tax Exemptions Bill was laid in Parliament in the first quarter of 2019 to, among other things, harmonise the tax exemption and incentives regime in the country and help make it more efficient.

It will comprise tax waivers given to local and foreign companies to encourage increased investment and more foreign direct investment in the economy.

In November last year, government announced that plans were far advanced for the passage of the Tax Exemptions Bill. According to him, Cabinet is deliberating on the final draft of the Bill.

However, Government last month withdrew the Tax Exemptions Bill from Parliament to make way for corrections and amendments to the bill. Already data from the Institute for Economic Affairs (IEA), shows that Ghana loses over GHC 5 billion every year through tax exemptions alone

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BOST clarifies amount paid for iPhones bought for company executives

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Fuel prices to remain fairly stable at the pumps – COPEC

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