The Association of Ghana Industries says it expects government to merge the straight levy and the Value Added Tax imposed on industries when it presents the 2023 mid-year budget before Parliament on July 25.

According to the Vice Chair of AGI at Tema, Adobea Asiamah-Aboagye, although a reduction would be welcomed by industries, a merger would be the best possible outcome to cushion players in the sector.

“We are hoping that in the budget presentation it would be merged so that we can take off that 6 percent cost on our businesses. Also, we are expecting the COVID-19 Health Recovery Levy to be removed.”

“If it’s an international crisis that has ended, we need to tag along the taxes for the purposes for which they are introduced and collected by government…As a matter of principle the COVID-19 Health Recovery Levy has to go off,” Asiamah-Aboagye explained.

Meanwhile, Finance Minister, Ken Ofori-Atta, is expected to present the 2023 mid-year budget review in parliament on Tuesday, July 25, 2023.

The presentation is in accordance with Section (28) of the Public Financial Management Act, 2016 (PFMA) Act 921.

The Act requires that the finance minister presents a mid-year review to parliament six months after the presentation of the main budget for that fiscal year.

MA/NOQ

Watch the latest edition of BizTech and Biz Headlines below: