Preparation for 2017 budget underway

Europa

August 17, 2016 6:00 PM

Various Governments since the inception of the 1992 constitution go to parliament for power to spend for three months during an election year.

Ghana's Finance Minister, Seth Terkper

A Tax Policy Advisor at Ministry of Finance Dr. Larbi Siaw has revealed discussions on the preparation of the 1st quarter 2017 budget are currently underway.

Speaking on the sidelines of the West African Tax Administration Forum (WATAF) training program, he said a spending plan for the first three months of 2017 will be presented to parliament in November.

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The full budget is later submitted after the election, possibly in the first quarter of 2017.

Government has reiterated severally its commitment to avoid spending beyond its means this election year as the International Monetary Fund helps the country narrow the fiscal gap.

Tax Policy Advisor at Ministry of Finance Dr. Larbi Siaw ,says the initially first quarter budget would not deviate from the normal in terms of allocations to key sectors.

“It’s not going to be a 12 month budget and I don’t think any of the parties differ too much from the route the country want to go . As a country we want more roads , hospitals and schools”, he stated.

The first WATAF training program is on the theme,” International initiatives at securing the tax base, tax harmonization”.

Commissioner General of the Ghana Revenue Authority George Blankson said tax harmonization in the sub region will be key for regional integration.

“WATAF should be committed to encouraging strong collaboration and sharing of information amongst all ECOWAS member states towards improving the quality of tax administration and that the sub region speaks with one cohesive voice on tax policy issues”, he added.

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