Parliament of Ghana passes 3 new taxes

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On Friday, March 31, 2023, the legislature had an extended session and approved three new tax laws.

The Minority Caucus in the House opposed the aforementioned taxes strongly as well, but the Majority was able to mobilize all of their votes on that particular day to pass the taxes.

The Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill, 2022, and the Income Tax Amendment Bill, 2022 are the three new taxes.

The legislation were submitted to Parliament as part of the government’s aim to mobilize domestic revenue and raise around 4 billion Ghana Cedis yearly.

When a staff-level agreement was reached late last year, they are also essential to help gain Board Approval for the US$3 billion International Monetary Fund (IMF) Plan.

The Public Utilities Regulatory Commission’s (PURC) tariff adjustment, the publication of the Auditor- General’s Report on COVID-19 spending, and the onboarding of the Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF), and Road Fund on Ghana’s integrated financial management information system (GIFMIS) are all actions taken by the government to comply with the IMF’s requirements in order to be eligible for a bailout.

The government argued that the taxes are essential for overcoming the current economic crisis in order to justify their introduction.

Source: Ghanatodayonline.com

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