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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.

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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

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