Tax In Ghana Corporate tax to be reduced from 2018

The Finance Minister Ken Ofori Atta said the corporate tax is expected to be reduced to twenty percent.

  • Published:
Ken Ofori-Atta, Finance Minister play

Ken Ofori-Atta, Finance Minister

24/7 Live - Subscribe to the Pulse Newsletter!

Ghanaian businesses that pay 25% of their profits in corporate taxes will pay less from 2018.

According to the Finance Minister, the corporate tax is expected to be reduced to twenty percent.

Ken Ofori Atta told Accra-based Citi FM that the NPP government is considering the diversification of tax revenue streams.

He said this when done should prevent the over-concentration on Corporate Income Taxes (CIT).

READ ALSO: Gov’t to pay $279m or risk judgment debt

“How do you then tap enough people to contribute so that you do not need to focus on corporate income tax as a main source of revenue…We are considering a reduction in a number of taxes and the Corporate Income Tax is one of them,” he explained.

In a related development, Ofori Atta said his outfit will embark on an effort to renew the revenue collection from property taxes.

“We are clear on the philosophy of taxes which is to reduce taxes to create economic spaces for people to operate…a corollary of that is also being able to expand the tax net and that is where the national ID becomes an important instrument.”

“For example our property tax system is non-existent and that is an area that we intend to look at. But our mission more will be to reduce the import of taxes on productive sectors of the economy,” he added.

READ ALSO: I have no supply contract with COCOBOD – McDan CEO

The NPP government during the campaign ahead of election 2016 chastised the then Mahama-led administration for burdening few Ghanaians with high taxes.

They promised to, therefore, reduce taxes and widen the tax net if they win power.

After the assumed office, the NPP government has reviewed about fifteen (15) taxes.

In the government’s first budget, eleven taxes were slashed.

Four more were reviewed.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 In Singapore Government to pay bonus to all citizens after surplus budgetbullet
3 David Ampofo Writes Is Ghana's cashew another cocoa?bullet
4 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
5 Retirement How to calculate your SSNIT pensionbullet
6 Youth in Sanitation module YEA calls for more companies to...bullet
7 In Accra Susu collectors give gov’t 1 week ultimatum to stop...bullet
8 Excise Tax Stamp Act Gov’t threatens to sanction...bullet
9 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
10 Collapsed Banks Assets of UT Bank and Capital Bank for...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Money Alert Meet Africa's richest womanbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Vodafone adbullet
9 MTN Mobile Money Adbullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet

Business