Government is hoping Parliament will pass 3 financial bills that it has laid before the House which aim at revamping domestic revenue mobilisation.
The bills, namely the Income Tax Amendment Bill, the Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill are expected to generate about GH¢4 billion annually when passed.
According to a highly placed source at the Ministry of Finance, the Income Tax Amendment Bill is expected to generate GH¢1.2 billion annually while exempting individuals earning the minimum wage from paying taxes.
The Excise Duty Amendment Bill is projected to raise an additional GH¢400 million by imposing a 20% tax on e-smoking and fruit juices.
On the other hand, the Growth and Sustainability Amendment Bill will replace the National Fiscal Stabilisation Levy, currently levied on companies operating in selected sectors. This bill is expected to raise about GH¢2.2 billion.
The passage of the bills was initially scheduled to take place alongside the Appropriation Bill. However, it has been delayed, mainly due to the Minority’s unwillingness to cooperate with the government.
The revenue measures are critical towards securing the International Monetary Fund (IMF) Board’s approval for the country’s $3 billion bailout deal, government has said.
The passage of the bills is a crucial milestone toward securing the IMF’s approval. The government has completed the Domestic Debt Restructuring Programme (DDEP) to replace high-yielding bonds with low-yielding ones to ensure debt sustainability.
The next step is for Parliament to pass the three amendment bills, which are part of the revenue measures.
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