A total of 42 companies under the One District One Factory (1D1F) policy are awaiting parliamentary approval for tax waivers amounting to over $335 million. Apexnewsgh reports
The Ministry of Finance initiated efforts to secure these exemptions in 2021, which fall under the Exemptions Act, 2022 (Act 1083). However, the Minority in Parliament has expressed its intention to block the move, citing concerns over corruption and the impact on domestic revenue reforms.
The largest beneficiary, Sentuo Oil Refinery Limited, is set to receive an exemption of $164.6 million. The 1D1F initiative aims to transform Ghana’s economy into a manufacturing and value-added export economy, with government support for businesses to secure funding and establish factories.
Minority Leader Dr. Cassiel Ato Forson has criticized the exemptions, stating that they are “unconscionable, inordinate, and bear all the trappings of organized crime.” He added that the Minority will resist the tax waiver applications fiercely, citing concerns over the impact on domestic revenue reforms and the potential for corruption.
Dr. Forson also noted that the tax exemptions will result in the poor becoming poorer, suffocating industries and businesses, and further increasing the hardships Ghanaians are already experiencing. He called on all Ghanaians to join the fight against these tax waivers, accusing the government of “robbing Peter to pay Paul” by exacting taxes from citizens only to dole out huge tax exemptions to cronies for kickbacks.
See the list below:
Source: Apexnewsgh.com
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