Mid-year Budget Review: No New Tax Will Be Introduced – Ken Ofori Atta

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Finance Minister Ken Ofori Atta says no new tax will be introduced in the mid-year budget review.

According to him, the country is projected to lose about 14 billion cedis but despite this, there will be no new tax.

“It is clear that businesses are suffering so how do you help them? you give them something they can deal with… but most significantly beyond taxes is finding a way for businesses to be in operation.”

He stated that they will still be heavy on compliance.

“Compliance will certainly continue.”

Ken Ofori Atta will this week present the government’s mid-year budget review to Parliament.

Mid-year budget review: No new tax will be introduced - Ken Ofori Atta
Mid-year budget review: No new tax will be introduced – Ken Ofori Atta

The budget review will focus on strategies to generate more revenue for the state after the Coronavirus pandemic threw the government’s plans out of gear.

Mr. Ofori-Atta said the budget will also consider extending some support to businesses and industries hit by the pandemic.

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This week’s presentation aims at recovery for the economy, which has been affected by the virus.

“We need to look at the stimulus for the Small Micro and Medium Enterprises. The discussion with the banks was also for them to increase facilities to support the businesses which are much larger and to look at ways of deferring interest payments for at least the next six months.”

The presentation of the mid-year budget review to Parliament is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

The presentation of the statement on the review of government projections for the 2020 financial year will be backed by a request for supplementary estimates.

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