Gov’t to introduce new tax measures in July

The Ministry of Finance has hinted that government may introduce some new tax measures in addition to some social interventions to shore up the revenue of the country during the presentation of the mid-year budget review next month.

Even though the ministry did not state the kind tax measures it may be introducing, it however maintained that they are needed for fiscal consolidation.

The Minister of Finance, Ken Ofori is scheduled to present the mid-year budget review next month.

Speaking to journalists after meeting the members of the Ghana Union of Traders Association [GUTA], a Deputy Finance Minister, Kwaku Kwarteng stated that, even though the economic team have not yet finalized the budget, the tax measures that will be introduced will not burdened ordinary Ghanaians.

He stated that it is pertinent to take the move to improve revenue mobilization and create fiscal space for government to pursue economic development.

“In the mid-year budget, we may even introduce some tax measures as I said, they will be for the purposes of responding to specific fiscal needs, but we are also considering those things we can do in response to some of the request we are hearing”

He assured that government will listen to all stakeholders and business associations to input their concerns into the budget review.

“We are considering things we can do in response to the request of our business people and other organizations. So we just have to wait, I can assure you we will roll out interventions that ultimately will help this economy grow,” he assured.

Mr. Kwarteng announced that the mid-year budget review may come off in the final week of July before parliament goes on recess.

By: Lawrence Segbefia/citibusinessnews/Ghana

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