28.9 C
Tuesday, May 30, 2023


Introduction of new taxes is not to cripple businesses –  Deputy Trade Minister 

Related stories

Put in more interventions to restore confidence in financial sector – Economist to BoG

Banking consultant Dr. Richmond Atuahene has criticized the Bank...

Africa’s 7 pharma multimillionaires you should know

The creator of South Africa's largest pharmaceutical manufacturer, Aspen...

Time to boost interest in local poultry business- CADA Veep

An appeal has been made by the newly-appointed Vice...

A robust African economy requires a single currency – Experts

The necessity for an African single trade currency was...

Algeria’s Issad Rebrab prohibited from managing any business activity

The former CEO of Cevital Group, Rebrab, who announced...

GAB advocates for a comprehensive solution to solve credit culture loopholes

There is an urgent need for coordinated efforts to...

Cedi pressured as US debt ceiling negotiations persist

The local currency has lost 1.48 percent of its...

A dollar selling at GHS12.00 at forex, GHS11.00 on BoG interbank

The Bank of Ghana's interbank forex rates for today,...

Energy Ministry finds fault with Aker’s US$1.7 billion FPSO bill

The Ministry of Energy has raised concerns over a...

T-bills: Government fails to meet auction target, gets GHS2.78b

Government has received GH2.78 billion from the sale of...
- Advertisement -

The deputy minister of trade and industry, Michael Okyere Baafi has refuted claims that the government’s implementation of three revenue taxes will cause businesses to fail.

According to him, the government’s intention is not to cripple businesses but to tax businesses that have expanded over the years to rake in more revenue domestically.

- Advertisement -

In an exclusive interview with GhanaWeb’s Ernestina Serwaa Asante at the AfCFTA Business Forum held in Capetown South Africa, Mr Baafi said the taxes will help government embark on infrastructural projects for the benefit of Ghanaians.

The three new revenue bills passed by parliament; Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill aim at raking in about GH¢4 billion if the bill is implemented.

- Advertisement -

“The intention of government is not to cripple or sabotage businesses. That’s not what government has in mind. Government’s interest is to encourage people to do business and also when they do businesses and when they grow, those businesses are supposed to pay more taxes to government so that we can be able to undertake projects like very good infrastructural projects like roads, other things that will benefit car users and users of social services in the country,” he told GhanaWeb Business.

He stressed that taxation “[It] is a normal way for government to generate more revenue domestically.”

- Advertisement -

The Growth and Sustainability Levy is expected to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.

The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.

But some Ghanaians including the business community have tongue-lashed parliament for passing the three revenue bills.

They have called on President Akufo-Addo to not assent the bill into law.

They explained proper stakeholder engagement with the business community for there to be a consensus.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories