Deputy Finance Minister-designate Thomas Nyarko Ampem has categorically assured that the government will not introduce new taxes in the upcoming budget, effectively alleviating concerns raised by the Minority. The Minority had previously alleged that the government planned to impose additional taxes to generate approximately 200 billion cedis this year. However, Nyarko Ampem dismissed these concerns, emphasizing that the government’s primary focus will be on enhancing tax compliance and expanding the tax base, rather than introducing fresh levies.
“The Finance Minister has said this many times—that we do not need to introduce new taxes to rake in 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,” Nyarko Ampem confidently stated.
Hon. Nyarko Ampem underscored the imperative need for Ghana to maximize its economic rent from industries, particularly in light of the country’s limited access to international bond markets. “In fact, he hinted that as a country, we are not taking advantage of the economic rent that we are supposed to generate revenue from through the exploiting of industry… To be honest with you, because we have been denied access to the international bond market, we have to do two things—enhance revenue and also manage expenditure,” he astutely observed.
Nyarko Ampem reiterated that the forthcoming budget, slated for presentation to Parliament on March 11, will prioritize strengthening domestic revenue mobilization, sans imposing additional taxes on citizens.
*Phalonzy
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