Source: newsthemegh.com
The three new tax measures voted by parliament a few weeks ago have now been signed into law by President Akufo-Addo.
Kojo Oppong Nkrumah, the information minister, made this public. He claims that since then, the paper has been delivered to the Clerk of Parliament, allowing the remaining administrative procedures to begin.
The three revenue bills were approved by a 137-136 margin on Friday, March 30. These legislation are the Growth and Sustainability Amendment Bill, the Income Tax Amendment Bill, and the Excise Duty Amendment Bill.
were presented to the legislature as part of the government’s intentions to mobilize around GH4 billion in domestic revenue per year.
In order to facilitate the Board Approval for the $3 billion International Monetary Fund (IMF) Programme staff-level agreement, the legislation are also essential to the government’s efforts.
It is anticipated that the Excise Duty (Amendment) Bill, which will tax cigarettes, e-cigarettes, sweetened beverages, spirits, and wines at a 20% rate, will bring in around GH400 million yearly, while the Income Tax (Amendment) Bill will bring in about GH1.2 billion.
The National Fiscal Stabilization Levy, which now levies a fee on businesses operating in certain industries, will be replaced by the Growth and Sustainability (Amendment) Bill, which is anticipated to raise roughly GH2.2 billion.