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Tax law amendment Finance Minister presents bill to amend Income Tax Act

The act sparked uproar after banks sent out text messages to customers informing them about the new law.

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Finance Minister Seth Terkper has presented a bill before parliament to amend the new Income Tax Act 2015 which required individuals to pay one (1) percent tax they earned on investment.

The act sparked uproar after banks sent out text messages to customers informing them about the new law.

The finance ministry quickly backtracked on the new law in a press statement saying processes were underway to ask parliament to amend the law.

Read more: GRA in contempt of Parliament over 1% tax scrap

Days before Terkper appeared in parliament, the Ghana Revenue Authority (GRA) issued a press statement announcing the suspension of the tax.

The suspension however irked parliament, with the ranking member on parliament's Finance Committee, Dr Anthony Osei Akoto accusing the GRA of being in contempt of parliament.

He told Accra based Class Fm in an interview that nobody can change a law passed by parliament, and that if anyone wants to make amendments to a law, they must come to parliament.

“A law is a law and nobody, except parliament, can amend it,” he said.

His position was backed by the Speaker Edward Doe Adjaho during a brief deliberation on the matter when Terkper tabled the amendment motion.

Related: Parliament to grill Terkper over suspended 1% tax on interests

The Speaker referred the bill to the Finance Committee of Parliament for consideration and delivery of a report to the House.

He said the committee could also look at any consequential issue and advise the House.

 

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