The Minister of Information, Kojo Oppong Nkrumah, has debunked claims that the three revenue bills passed by Parliament last week are new taxes that will overburden Ghanaians during these challenging times.
The three revenue bills that were passed include the Income Tax (Amendment) Bill, the Excise Duty and Excise Tax Stamp (Amendment) Bill, and the Growth and Sustainability Levy Bill.
According to Nkrumah, these bills do not introduce new taxes but instead, they expand the country's revenue base.
He stated, “The Income Tax Act already exists, the Excise Duty Levy Act already exists, and the Fiscal Responsibility Act already exist. The view of the fiscal policy managers is that there are some categories of persons and some transactions that are not covered by these already existing acts.”
He added that it's important to expand the base and include those not covered by the already existing revenue measures.
The government is seeking to generate approximately GH¢4 billion a year to supplement domestic revenue following the passage of the three bills.
However, some business groups in the country, including the Ghana National Chamber of Commerce and Industry (GNCCI), have opposed the development, arguing that it will lead to the collapse of businesses.
The bills were given the green light after a majority decision of 137-136 on Friday, March 31, 2023.