The government of Ghana has hinted at increasing taxes in its mid-year budget review.
Ahead of the mid-year budget presentation to Parliament, a Special aide to President Nana Akufo-Addo and leading member of New Patriotic Party Gabby Asare Otchere-Darko hinted that government will increase the tax to raise more revenue.
In a Facebook post on Thursday, the former Director of Think Tank Danquah Institute wrote “will you support a VAT increase to keep your lights on, your secondary schools filled, your school kids fed, your streets clean, your streets safe, young graduates employed, and decent, affordable homes built for working families?.”
His post comes after Starrfmonline.com gathered the government is considering introducing taxes such as;
1. An increase in Communications Service Tax from 6% to 12%?
2. A mandated minimum corporate tax
3. An expanded stabilization tax?
4. Collateralising royalties from minerals to enable the government to raise loans
5. Increased social security (SSNIT) contributions to the NHIS?
6. A Financial Service Tax
The government is also likely to increase the Value Added Tax (VAT) from 17.5% to 21% in the mid-year budget set to be presented to Parliament on Thursday, July 19, 2018.
The country’s Financial Management Administration Act requires the finance minister to come before Parliament not later than July 31, prepare and submit to parliament a Mid-Year Fiscal Policy review.
This often allows the finance minister the opportunity to review the targets, especially when it comes to the review,
a. A brief overview of recent Macroeconomic Developments of Governments
b. Update of Macroeconomic forecast undertaken by the government
c. Analysis of total revenue and expenditure and performance for the first 6 months of this year
d. Also where necessary, revise the Medium Term Budget outlook the budget outlook and Expenditure framework.
A Civil/Structural Engineer & Freelance Blogger, Journalist, Social Media Mogul, Digital Marketer, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & 9189 Media Consult and Co-Founder of Team Sarkodie. An alumnus of Prempeh College where he read General Science. He holds a first degree in Bachelor of Science from the Kwame Nkrumah University of Science and Technology. His mentors are Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; http://www.233times.com | www.paemuka.com | http://www.playmusicgh.com | http://www.muzikiq.com | http://www.brandsaid.biz . Social Media Manager for Eon3 Group | BrandsAid | Kings Crown Media | Carabao Africa Ghana & Africa | Calvary Temple - ICGC | Team Sarkodie | Muzik IQ | Kwaw Kese Please inquire more via Email: [email protected] | [email protected] Instagram & Twitter: @wise_tskd Facebook: Ell Samwise LinkedIn: EllSamwise King Dogbeview all posts by: Ellsamwise King
233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.
233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.
We have a platform for the amateur artistes to portray their staggering talents ...more...
To advertise with us or make enquiries, please visit 233times.com/advertise or call +233249455142 (Selorm), +233248185848 (Nana Kwesi)