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Ghana Tax Law Finance Minister presents revised Tax Law to parliament

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.

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Seth Terkper presented the bill to parliament, a day after the Speaker  of Parliament and the Member of Parliament for Old Tafo, Dr. Anthony Akoto Osei both described the Minister's announcement that the withholding tax had been removed, as illegal.

Read More: > Ghana New Tax Law Parliament to grill Terkper over suspended 1% tax on interests

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.

The Income Tax Act 2015, which was passed by Parliament and assented to by President John Dramani Mahama on September 1, 2015, was supposed to come into effect on January 1, 2016.

Under the act, all interest paid to an individual is to attract one per cent tax.

Read More: > Misapplication of Funds PAC cites Terkper for violation of Financial Administration Act

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.

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