The Minister of Finance, Mr Seth Terkper, has heeded calls by Speaker of Parliament, Rt. Hon. Edward Doe Adjaho to acquire the necessary parliamentary approval for the revision of the 1% withholding tax on investment proceeds.
According to Dr. Anthony Akoto Osei, the Minister had not right to announce the cancellation of the 1% tax when the bill had not been presented to parliament for approval.
The Speaker, Mr Edward Doe Adjaho, referred the bill to the Finance Committee of Parliament for consideration and delivery of a report to the House, when after it was presented to the house on Friday
He said the committee could also look at any consequential issue and advise the House accordingly.
Under the act, all interest paid to an individual is to attract one per cent tax.
This means that any interest accrued on treasury bills, fixed income deposit, interest from banks, among others, will attract a tax of one per cent.
Following public uproar against the tax, the GRA directed all financial institutions to suspend its imposition.