In a crucial move to comply with International Monetary Fund (IMF) requirements, the Ghanaian Parliament has passed three new taxes and amended an existing income tax bill.
The legislation includes the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, the Ghana Revenue Authority Bill 2022, and the Income Tax Amendment Bill 2022.
The bills were approved by Parliament after a heated debate, with the minority expressing opposition to the measures.
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The government has been pushing for the measures in order to gain board support for a $3 billion IMF program staff-level agreement. This agreement will support Ghana’s economic policies and reforms over the next three years under the Extended Credit Facility (ECF).
The Excise Duty Amendment Bill 2022 will impose a 1% levy on the value of all goods imported into Ghana, while the Growth and Sustainability Levy Bill 2022 will impose a 1.75% levy on the net profits of companies operating in Ghana.
The Ghana Revenue Authority Bill 2022 aims to enhance the capacity of the Ghana Revenue Authority (GRA) to increase tax revenue, while the Income Tax Amendment Bill 2022 will see an increase in personal income tax rates from 25% to 30%.
The government has taken several other measures in recent months to comply with the IMF’s requirements, including the tariff adjustment by the Public Utilities Regulatory Commission (PURC), the release of the Auditor-General’s report on COVID-19 spending, and the onboarding of the Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF), and the Road Fund onto the Ghana Integrated Financial Management Information System.
While the measures have been welcomed by some, the opposition has expressed concerns about the impact they will have on the ordinary Ghanaian.
George Ricketts-Hagan, a member of the minority party, declared his group’s intention to oppose the legislation as a strong warning to the government that it cannot be careless with its spending and expect Ghanaians to foot the bill.
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Despite these concerns, the passing of the bills is seen as a significant step towards securing the IMF’s support and helping Ghana’s economic recovery.
The IMF’s Executive Board is expected to consider Ghana’s request for the ECF in the coming weeks.
Source: OccupyGh.com
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