You are here: HomeBusiness2004 02 05Article 51285

Business News of Thursday, 5 February 2004

Source: GNA

BUDGET: GCNet Processing Fee to be abolished

Accra, Feb. 5, GNA- The Government has proposed the abolition of the GCNet processing fee on the importation of currency notes by the Banks. Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, announced this when he presented the 2004 Budget Statement to Parliament, on Thursday.
He explained that the measure would help to reduce the charges imposed by banks on their customers.
The Minister said in line with efforts to enhance revenue mobilization and to facilitate trade through modernized operations and clearance procedures, the offices of CEPS at Elubo and Aflao would be automated by end of the first quarter of the year.
In order to stamp out the incidence of illegal clearance of vehicles from the ports and subsequent fraudulent registration of such vehicles, the Driver and Vehicle Licensing Authority (DVLA) would be connected to the GCNET system to facilitate the effective monitoring and registration of imported motor vehicles, he added.
"The Ministry of Finance and Economic Planning will vigorously pursue its mandate to demand more transparency and accountability in the financial dealings of all MDAs, corporations and statutory bodies, and ensure that all non-tax revenue generated by such organizations are utilised efficiently for the nation's common good," the Minister cautioned.
Mr Osafo-Maafo expressed concern that through the introduction of the sticker system vehicle income taxes increased tremendously from 9.2 billion cedis in 2002 to 30 billion cedis in 2003, despite the implementation of the system for only six months of the year. He, however, proposed that the vehicle income tax for articulated trucks be reduced from 1.2 million cedis to 900,000 per annum. Taxes on all other categories of commercial vehicles shall remain at their current rates, he stressed.