Tag: TAXES
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There’s a need to revisit structure, nature of taxes – Ken Ofori-Atta
In a crucial meeting with the business community ahead of the mid-year budget review, the Finance Minister, Ken Ofori-Atta addressed pressing issues concerning the country’s fiscal situation. The minister began by acknowledging the challenges faced by the government in recent times, particularly in regard to funding decisions. “To make a turnaround after the government declared…
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Business Community urges govt to introduce tax relief measures in mid-year budget review
Stakeholders in the business community are urging the government to introduce tax relief measures in the upcoming mid-year budget review. According to Section 28 of the Public Financial Management Act, 2016 (PFMA) Act 921, the Finance Minister, Ken Ofori-Atta, is required by law to present the mid-year budget review to Parliament “not later than six…
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Chamber of Commerce appeals to govt to address tax concerns in mid-year budget review
The Ghana National Chamber of Commerce and Industries (GNCCI) is appealing to government to use the Mid-Year Budget Review to address some of the concerns raised by the business communities with respect taxation. The Chamber maintains that although some of the tax policies being implemented by government are IMF conditionalities, reconsideration will bring some relief…
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New taxes, tariff hikes crucial for Ghana’s bailout – IMF
The International Monetary Fund (IMF) has justified the adoption of three mobilization measures as well as the increase in utility costs as Ghana attempts to fix its balance of payment problems. Despite criticisms, the Excise Duty, Growth and Sustainability, and Income Tax Amendment laws aim to generate GHS4 billion for the country each year. These,…
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Don’t introduce new taxes in mid-year budget review – Importers & Exporters to govt
The Importers and Exporters Association of Ghana has warned government not to introduce any new taxes in its mid-year budget review. His comment comes after Ghana received an amount of $600 million from the International Monetary Fund (IMF) being part of the $3 million three-year extended credit facility. Speaking to Citi Business News, Executive Secretary…
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![Potential impacts of recently-introduced taxes on agribusiness in Ghana [Article]](https://citibusinessnews.com/wp-content/uploads/2023/04/taxes-1.jpg)
Potential impacts of recently-introduced taxes on agribusiness in Ghana [Article]
The three new taxes introduced by the government of Ghana in 2023 – the Growth and Sustainability Levy Act (Act 1095), the Excise Duty Amendment Act 2022 (Act 1094), and the Income Tax Amendment Act 2022 (Act 1093) – have raised concerns about potential impacts on agribusiness in Ghana. While the new taxes have been…
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Food inflation may go up due to 3 new taxes- Chamber of Agribusiness
A Director of Policy and Research Bureau at the Chamber of Agribusiness Ghana, Kojo Ahiakpa, has opined that the three taxes assented to by the president may cause food inflation to rise. President Nana Addo Dankwa Akufo-Addo has assented into law the three new taxes passed by Parliament in March 2023. The taxes are the…
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Akufo-Addo has assented to the 3 new taxes – Oppong Nkrumah
President Nana Addo Dankwa Akufo-Addo has assented into law the three new taxes passed by Parliament in March 2023. This was confirmed by Information Minister, Kojo Oppong Nkrumah in an interview with Citi News. Parliament on Friday, March 31, passed the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana…
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Overtaxing investors a threat to Ghana’s development – Organised Labour
The Ghana Federation of Labour (GFL) says the consistent introduction of new taxes in the country is a threat to national economic development. Mr Abraham Koomson, the GFL Secretary General, who spoke in an interview in Tema, said companies had employees and paid their salaries, as well as social security, contributing to the improvement of…
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Bettors oppose 10% tax on bet wins
Bettors are expressing displeasure at the government’s plan to levy taxes on lottery and sports betting. As part of efforts to raise additional revenue for the country, government slapped taxes on income from lottery, betting and gambling. According to several local bettors, the government’s move is an attempt to prevent them from enjoying their winnings…