Parliament passes three new taxes

Parliament has passed the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022.

The financial bills presented to Parliament by the government seeks to rake in about 4 billion Ghana Cedis annually as part of domestic revenue mobilisation.

The bills are also crucial to aid the government’s quest to facilitate the Board Approval for the $3 billion International Monetary Fund (IMF) Programme staff-level agreement.

The Minority in Parliament earlier communicated its opposition to the bills.

Cape Coast South lawmaker, George Ricketts-Hagan ahead of the votes expressed the Minority caucus’ commitment to resisting the bills as a bold statement to the government that it cannot be reckless with its expenditure and expect Ghanaians to pay the price.

As part of measures to meet the criteria set by the IMF to qualify for a bailout, the government has completed tariff adjustment by the Public Utilities Regulatory Commission (PURC), Publication of the Auditor-General’s Report on COVID-19 spending, and Onboarding of Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF) and Road Fund on Ghana integrated financial management information system (GIFMIS).

The international and domestic bond markets are shut for the financing of government programmes, forcing the government to rely on Treasury Bills and concessional loans as the primary sources of financing for the 2023 fiscal year.

Government in justifying the introduction of the taxes said they are critical for recovery from the current economic crisis.