As promised in the 2016 campaign of the New Patriotic Party, the Akufo-Addo led government has abolished import duty taxes on spare parts and introduced other tax reliefs to promote growth in the private sector.
This move by government was announced by the Finance Minister, Ken Ofori-Atta during the reading of the 2017 budget statement on the floor of parliament today.
He noted that, although some of the taxes were introduced by the erstwhile National Democratic Congress (NDC) government to raise revenue, they have proven to be unprofitable means of raising money, and had rather become a burden to the private sector, stifling their development.
“A number of tax measures have been introduced in recent years in an attempt to deal with revenue shortfalls. Some have proven to be nuisance taxes. They have no revenue yielding potential, and at the same time impose a significant burden on the private sector and on the average Ghanaian citizen. As part of our commitment to re-energize the private sector, the government has decided, as pledged, to review these taxes to provide relief for business. ”
By: Offei-Akoto Ayeh/a1radioonline.com/Ghana
