Home » Breaking News » Ghanaians to enjoy juicy tax cuts … As gov’t prepares 2018 budget statement
Ken Ofori Atta, Minister for Finance
Ken Ofori Atta, Minister for Finance

Ghanaians to enjoy juicy tax cuts … As gov’t prepares 2018 budget statement

After successfully implementing the Free Senior High School policy, the government has once again reiterated its commitment to ensuring that taxes that are considered nuisance on goods and services will be removed to engender a business- friendly environment in the country.

Since its inception nine months ago, the government had done away with  some  taxes including,             the abolishing of one percent of special import levy, abolished 17.5 percent VAT, reduced  Public lightening  levy from Five percent to Three  percent, abolished  duties  on the  importation  of spare parts among others.

The government says it will continue with its manifesto promises by ensuring further tax cuts in the 2018 budget statement which is being prepared and expected to be read in November this year.

Speaking to the media recently after a 2018 budget consultative meeting in Accra, a deputy Minister for Finance Hon. Kweku Kwarteng assured that government will deliver on all the tax promises in the New Patriotic Party (NPP) Manifesto.

“We provided some tax relieves in the 2017 budget, we will do some more in the 2018 budget statement. We will deliver on all the tax measures we promised them in our manifesto and in the 2017 budget,” Mr Kwarteng assured.

Mr Kwarteng added in as much as government is committed fulfilling these promises in other to bring relief to Ghanaians, “we should be careful to manage these tax measures in such a way that it will not collapse the economy.”

Mr Kwarteng continued, “We are careful to manage this in such a way that ultimately, it will strengthen the economy rather than weaken it. So we ask stakeholders to exercise patience. Is  seems to  me that even though this  government’s strategy is to continue abolishing nuisance taxes and  taxes  that turn to be counter productive..,  still;  they  will want us to do more  and we  will  continue  to do more.”

Regarding the stakeholders consultative meeting, which was themed “Strengthening   Partnership   for Economic Growth and  Development’ Kwarteng intimated  that   the government does  not  read  the  budget  for itself  but  for  businesses and  Ghanaians and therefore its is important that before the   budget is put together “we convene  this  kind  of consultation with  representatives  and  stakeholders. So that we prepare the budget bearing in   mind the things that are   of immediate concern to them.”

The  deputy  minister added that such  pre- budget engagement  allows the government  to  communicate some  of  the ideas it  has for the upcoming budget and  for it to be  enriched  by  the  stakeholders.

The Budget statement, he said, will be prepared and presented to Parliament in November to take effect from the first of January 2018.

The stakeholder meeting brought together members from the civil society fraternity, private sector operators, and religious bodies the media among other interest   groups.

 

By Mohammed Suleman

 

 

 

 

 

 

 

 

 

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