He said: “Government will review the current income tax thresholds by pegging the tax-free threshold to the current minimum wage”, which, in effect, is an abolishment of “tax on the incomes of minimum wage earners”.

READ ALSO: We will employ 100,000 graduates in 2018 - Gov't

“To remove the incentives for people to engage in illegal lottery, the 7.5% income tax on the commission of lotto marketing companies will be abolished and the 5% withholding tax on lotto prizes removed.”

He indicated that tax amnesty has been promised to individuals who register and file returns within a certain period.

“In 2018, parliamentary approval will be sought to exempt taxpayers who register and file returns within a targeted period from paying penalties and interests for late or non-submission of returns and late payments. This includes exemption from prosecution,” he said.

READ ALSO: Electricity tariffs go down by 13%

Mr Ofori-Atta added that the Ghana Revenue Authority (GRA) will, after the amnesty period, “wage an intense campaign to prosecute continuing defaulters and offenders”.