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Business News of Thursday, 29 July 2021


Government not likely to introduce new taxes or levies - Stephen Amoah

Ken Ofori-Atta is expected to present the Mid-Year Budget to Parliament Ken Ofori-Atta is expected to present the Mid-Year Budget to Parliament

Ken Ofori-Atta is set to present this year's Mid-Year Budget Review in Parliament

• The presentation is expected to focus on areas such as job creation and improving revenue mobilization

• Stephen Amoah has stated that there is no likelihood that the government will introduce new taxes or levies

There is no likelihood that the government will introduce any new taxes or levies in the Mid-Year Review and Supplementary Estimate to be read by Finance Minister, Ken Ofori-Atta, a member of the Finance Committee in Parliament, Stephen Amoah, has said.

He explained that instead, the government is expected to adopt pragmatic mid-term policies to stimulate production and growth in support of the economic recovery process.

The former Chief Executive Officer of MASLOC explained further that job creation will be at the top of the government’s priorities, reports

“One will have opted for taxes because of the debt to GDP ratio [76.6% as of May 2020] – our debt levels – but then considering the existing hardship – the Covid-19 economy – that has slowed productivity, that has slowed trading activities, that has slowed industrial activities, one would have also said that if you want to tax again, you will deepen the hardship.

“That’s why I’m saying that I’m expecting pragmatic Mid-Term policies and I think my government will not make any serious fiscal changes in terms of our taxes,” he stressed.

Stephen Amoah added that the strengthening of sectors to create jobs will also feature predominantly in the budget.

“The government will rather look into areas that will create more jobs and also look into strengthening production to generate taxes rather than going straight to also impose additional taxes on the people. I don’t think my government will do that.”

In the meantime, some businesses have been expressing high confidence in the budget, hopeful that it presents them with opportunities to get around the challenges of the Coronavirus.

The Mid-Year Review of the Budget Statement and Economic Policy will focus on job creation, improving revenue mobilization, and instituting programs aimed at revitalizing the economy.