Tag: tax cuts
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Parliament approves tax cut on imported medicines
Parliament has passed the motion for the removal of the VAT on some selected imported pharmaceutical products. The decision was taken on Friday, November 3, 2017. The move is also expected to affect all imported medicines not produced in Ghana. The removal of the 17.5% VAT on such category of medicines completes a promise by…
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Stable cedi, others to reduce cost of spare parts after tax cuts
It appears that spare parts traders may require more than tax cuts on imports if they are to reduce the prices of their wares for consumers. According to a tax analyst, William Owusu Demetia, the decision to reduce prices will also be influenced by a combination of factors including the cedi depreciation and a general…
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Scrapped 1% special import levy takes full force
Effective Friday (March 31, 2017), importers of products affected by the 1 percent special import levy will no longer pay any of such charges. It comes on the back of the implementation of the tax cuts announced in the 2017 budget. A statement from the Ghana Revenue Authority (GRA) therefore directed the various customs and…
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Tax cuts to deepen cedi depreciation – GN Research
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result.…
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Gov’t to reduce critical expenditure over tax cuts – Terkper
Former Finance Minister, Seth Terkper, has cast doubts over the government’s ability to meet potential revenue deficits following some tax cuts. He argues that government will also be compelled to resort to cutting down on some critical expenditure to make up for the shortfall. “It appears that the Minister seems to have shifted the debate…