• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, August 1, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

MoF Justifies Its New Proposed Taxes: Says, It Will Shore Up Domestic Revenues And Boost Ghana’s Fiscal Position

March 23, 2023
Stephen M.Cby Stephen M.C
in Economics, Economy
0
MoF Justifies Its New Proposed Taxes: Says, It Will Shore Up Domestic Revenues And Boost Ghana’s Fiscal Position

Kenneth Nana Yaw Ofori-Atta, Finance Minister, Ghana

The Ministry of Finance (MoF) has provided justification for its new proposed taxes, indicating that it will shore up Ghana’s revenues domestically and also boost the country’s fiscal position following the impacts of Covid-19 and the Russian/Ukraine war on the nation.

The Finance Ministry is very optimistic that these revenue bills will bring in almost ¢5 billion to support the economy.

Speaking with the media, George Swanzy Winful, Director at the Revenue Policy Division at the Finance Ministry, noted that it has completed the necessary engagements it needs to with all the key stakeholders, who have supported the revenue measures, to secure the approval.

RelatedPosts

BoG Moves to Hedge Gold Reserves to Tackle Price Volatility 

GSE Investors Rattled as IIL Bleeds and Turnover Plummets 96%

Ghana’s Economic Growth Set to Accelerate to 6.2% in 2025 – Standard Bank Forecasts

Moreover, the revenue plan is to help in bridging the revenue gap due to the inability of the government to collect taxes during the Covid-19 pandemic, he said.

GWinful 2
George Swanzy Winful, Director, Revenue Policy Division – Ministry of Finance, Ghana

“It is to help to correct the imbalance we are currently experiencing. This is not new but the essence of it is to rake in revenue to address the shortfalls we encountered during the Covid-period and the war between Ukraine and Russia.”

George Winful

Mr. Winful further explained that the minimum wage earners would still be exempted from taxes under the Income Tax Amendment Bill, which is expected to rake in ¢1.2 billion, adding that the Bill will change how foreign exchange losses are reported in financial statements, if it is passed into a law.

Preceding the discussion with the Director, the Ministry laid three revenue papers: the Income Tax Amendment Bill, Growth and Sustainable Bill and the Excise Amendment Bill before parliament for consideration to be passed into law.

This followed the necessary approval from the Finance Committee of Parliament for it to be considered by the house.

Income Tax Amendment Bill

The objective of the Income Tax (Amendment) Bill, 2022 is to amend the Income Tax Act, 2015 (Act 896), to revise the rates of income tax for individuals and introduce an additional income tax bracket, introduce a withholding tax rate on the realization of assets and liabilities and on winnings from lottery, unify the loss carried forward provisions and revise the treatment of foreign exchange losses.

Income
The income tax revises the tax rates for individuals and introduces an additional income tax bracket

Additionally, the bill is expected to increase the optional rate for individuals on the gain from the realization of an investment asset, revise the upper limits for the quantification of motor vehicle benefits and increase the concessional income tax rates.

Growth and Sustainability Bill

The objective of the Bill is to impose a special levy, known as the Growth and Sustainability Levy on the profit-before-tax of companies and institutions, as well as on production in the case of mining, upstream oil and gas companies.

The Levy seeks to raise revenue for growth and fiscal sustainability of the economy.The projected revenue for 2023 is approximately ¢2.26 billion.

The Levy is subject to review by the Finance Minister in 2025.

Excise Amendment Bill

The objective of the Excise Duty (Amendment) Bill, 2022 is to amend the Excise Duty Act, 2014 (Act 878) to revise the excise tax rates for cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Protocols and raise revenue to alleviate the harmful effects of these excisable products.

shutterstock 1062737444
The excise tax seeks to alleviate the harmful effects of excisable products like cigarettes

It also intends to increase the excise duty in respect of wine, malt drinks and spirits; and impose excise duty on sweetened beverages and electronic cigarettes and electronic liquids to increase revenue.

READ ALSO: IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax

Please login to join discussion
Previous Post

Mahama Calls For Engagement On National Anti-Corruption Action Plan

Next Post

Don’t Describe Journalists As Terrorists- Mahama

[mc4wp_form id="1264"]

Related Posts

President John Dramani Mahama
General News

Mahama Swears In 4 Final Dep Ministers, Commits to Lean, Disciplined Governance

July 31, 2025
Lands Minister Unveils Five-Pillar Strategy to Combat Illegal Mining 
Extractives/Energy

Lands Ministry Refutes Claims of $1.2 Billion Bauxite Lease Cancellation 

July 31, 2025
President John Dramani Mahama
General News

President Mahama Condemns Military Assault on Journalists

July 31, 2025
Albert Kwabena Dwumfour, Journalists, GJA
General News

GJA Warns Police of Media Blackout Over Attacks on Journalists

July 31, 2025
Record Channel Crossings Spark UK Migration Alarm
UK

Record Channel Crossings Spark UK Migration Alarm

July 31, 2025
Sulemana Braimah on Transparency
General News

Transparency Concerns Cloud Mahama’s Reset Agenda

July 31, 2025
President John Dramani Mahama
General News

Mahama Swears In 4 Final Dep Ministers, Commits to Lean, Disciplined Governance

by Evans Junior OwuJuly 31, 2025
Lands Minister Unveils Five-Pillar Strategy to Combat Illegal Mining 
Extractives/Energy

Lands Ministry Refutes Claims of $1.2 Billion Bauxite Lease Cancellation 

by Prince AgyapongJuly 31, 2025
President John Dramani Mahama
General News

President Mahama Condemns Military Assault on Journalists

by Evans Junior OwuJuly 31, 2025
Albert Kwabena Dwumfour, Journalists, GJA
General News

GJA Warns Police of Media Blackout Over Attacks on Journalists

by Silas Kafui AssemJuly 31, 2025
Record Channel Crossings Spark UK Migration Alarm
UK

Record Channel Crossings Spark UK Migration Alarm

by Lawrence AnkutseJuly 31, 2025
Sulemana Braimah on Transparency
General News

Transparency Concerns Cloud Mahama’s Reset Agenda

by Lilian AhedorJuly 31, 2025
President John Dramani Mahama
Lands Minister Unveils Five-Pillar Strategy to Combat Illegal Mining 
President John Dramani Mahama
Albert Kwabena Dwumfour, Journalists, GJA
Record Channel Crossings Spark UK Migration Alarm
Sulemana Braimah on Transparency
[/vc_row_inner]

Recent News

  • Mahama Swears In 4 Final Dep Ministers, Commits to Lean, Disciplined Governance
  • Lands Ministry Refutes Claims of $1.2 Billion Bauxite Lease Cancellation 
  • President Mahama Condemns Military Assault on Journalists
  • GJA Warns Police of Media Blackout Over Attacks on Journalists
  • Record Channel Crossings Spark UK Migration Alarm
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.