Deputy Finance Minister-designate, Thomas Nyarko Ampem, has allayed fears of new taxes being introduced in the upcoming budget. Apexnewsgh reports
The Minority had raised concerns that the government planned to impose new taxes to generate about 200 billion cedis this year. However, Nyarko Ampem has dismissed these claims, stating that the government’s focus will be on improving tax compliance and expanding the tax base.
According to Nyarko Ampem, the government will not introduce new taxes to increase revenue. Instead, they will broaden the tax base and enhance compliance. He emphasized that the Finance Minister has consistently stated that new taxes are not necessary to generate more revenue. “We are going to broaden the tax base. We are actually going to enhance compliance. And you will hear a lot of this in the budget when it is presented. And you’ll see,” he assured.
Nyarko Ampem also highlighted the need for Ghana to maximize its economic rent from industries, given the country’s limited access to international bond markets. He noted that Ghana is not taking full advantage of the economic rent that should be generated from industries. To address this, the government will focus on enhancing revenue and managing expenditure.
The budget, set to be presented to Parliament on March 11, will prioritize strengthening domestic revenue mobilization without introducing new taxes. This move aims to alleviate the burden on citizens while ensuring the government’s revenue needs are met.
Source: Apexnewsgh.com
