Parliament Passes 3 New Taxes

Parliament has passed the three tax bills which were tabled before it as part of government’s measures to generate more revenue.

The bills namely the Income Tax Amendment Bill, The Excise Duty Amendment Bill and the Growth and Sustainability Amendment Bill were passed on Friday evening.

Earlier, the government had stated that the revenue bills are needed to help the government complete processes for the about $3 billion IMF deal as well as improve the revenue situation of the country.

The Finance Ministry warned that there could be serious challenges with the country, which may send shocks to the economy if the bills are not passed.

But on Friday MPs showed up in their numbers to vote following days of deliberation.

The first of the three bills, the Excise Duty Amendment Bill, 2022, was passed at the third reading stage by the House.

That revenue measure is expected to rake in GH¢400 million annually.

The government hopes to achieve this by imposing a 20% tax on e-smoking, and fruit juices among others.

The Excise Duty was approved after a headcount, with the result being 137 for the majority and 136 for the minority.

The Income Tax Amendment Bill, 2022, was also passed at the third reading stage.

The revenue measure is expected to rake in GH¢1.2 billion annually.

It was approved by a voice vote.

Lastly, the Growth and Sustainability Amendment Bill, 2022, was passed at the third reading stage by the House.

This revenue measure is expected to bring in the government’s kitty GH¢2.2 billion annually.

This bill will impose a 5% Levy on profit before tax of the companies and institutions affected.

 

 

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