BUDGET 2020: No New Taxes but…Ofori-Atta

Government will not introduce new taxes in 2020, the Finance Minister Ken Ofori-Atta has disclosed.

He says the government will rather lend the necessary support to the Ghana Revenue Authority to boost revenue generation.

He said: “We will take a radical policy and institutional reforms towards raising our tax-to-GDP ratio over the medium term from under 13 percent currently to around 20 percent. The focus will be on efficiency and base-broadening rather than imposing new taxes on our people and businesses. This way, we can raise our domestic contribution to our ambitious transformation agenda, in line with the Ghana Beyond Aid vision.”

“Mr. Speaker as you can see, we have not imposed any new taxes”.

”To address the challenges of revenue mobilization, Government will restructure the tax system and develop a comprehensive revenue policy and strategy,” he added.

By: Rashid Obodai Provencal