Budget Ghana to lose GHC398m in 2017 for scrapping taxes

The government of Ghana has scrapped off eight taxes from the country's tax system. This move will cause the country to lose an annual tax revenue of GHC398 million.

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Parliament has granted GHC398million worth of tax reliefs to help reduce the burden on the few Ghanaian individuals and companies captured under the tax net.

Those tax cuts were made possible following the approval of the;

Special Petroleum Tax (Amendment) Bill, 2017

Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill, 2017

Income Tax (Amendment) Bill, 2017 and

Special Import Levy (Amendment) Bill, 2017

READ ALSO: Parliament approves tax cut bills

According to the Chairman of the Finance Committee, Mark Assibey-Yeboah, the move will reduce the tax burden businesses.

play Chairman of the Finance Committee, Mark Assibey-Yeboah

READ ALSO:Ken Ofori Atta presents maiden Budget

He adds that government intends to make up for the loss through enhanced method of revenue generation.

Below is an infograph of projected tax loss from tax cut for 2017

 

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