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Finance Ministry optimistic about revenue boost from proposed tax bills, despite pushback from stakeholders

2 years ago
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Finance Ministry optimistic about revenue boost from proposed tax bills despite pushback from stakeholders

The Ministry of Finance has recently proposed three revenue bills that are set to be passed into law by parliament, in an effort to address the economic challenges that have been brought about by the Covid-19 pandemic and the Russian/Ukraine war.

The three bills in question are the Income Tax Amendment Bill, Growth and Sustainable Bill, and the Excise Amendment Bill. These bills are aimed at shoring up revenue domestically and improving Ghana’s fiscal position.

The Ministry of Finance has been keen to stress the importance of these revenue bills and how they will benefit the economy. The proposed revenue measures are expected to bring in almost GHS 5 billion to support the country’s economic recovery. In addition, the Ministry has conducted the necessary engagements with all interested parties and stakeholders to secure approval for the bills.

According to the Director at the Revenue Policy Division, George Winful, the revenue plan is aimed at bridging the revenue gap that has been caused by the inability of the government to collect taxes during the Covid-19 pandemic.

He further emphasized that the revenue measures have been designed to address the shortfalls that were encountered during the pandemic and the war between Ukraine and Russia.

The Income Tax Amendment Bill, one of the three revenue bills proposed by the Ministry of Finance, seeks to amend the Income Tax Act of 2015 to revise the rates of income tax for individuals and introduce an additional income tax bracket.

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The bill also seeks to introduce a withholding tax rate on the realization of assets and liabilities, and on winnings from lotteries. Additionally, the bill aims to unify the loss carried forward provisions and revise the treatment of foreign exchange losses.

Moreover, the Income Tax Amendment Bill seeks to increase the optional rate for individuals on the gain from the realization of an investment asset. The bill also aims to revise the upper limits for the quantification of motor vehicle benefits and increase the concessional income tax rates. Despite these changes, the bill maintains that minimum wage earners will still be exempted from taxes.

The Growth and Sustainability Bill, on the other hand, seeks to impose a special levy on the profit before tax of companies and institutions, and on production in the case of mining, upstream oil, and gas companies. The estimated revenue for 2023 is approximately GHS 2.26 billion, and the levy is subject to review by the Minister responsible for Finance in 2025.

Lastly, the Excise Amendment Bill aims to revise the excise tax rates for cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Protocols and raise revenue to mitigate the harmful effects of these excisable products. Additionally, the bill seeks to increase the excise duty in respect of wine, malt drinks, and spirits, and impose excise duty on sweetened beverages and electronic cigarettes and electronic liquids to increase revenue.

The Ministry of Finance’s proposed revenue bills are a necessary step to address the economic challenges that have been brought about by the Covid-19 pandemic and the Russian/Ukraine war. The bills are aimed at raising revenue domestically and improving Ghana’s fiscal position. While the bills may face some opposition, the Ministry has conducted the necessary engagements with stakeholders to secure approval.

The bills will bring in almost GHS 5 billion to support the country’s economic recovery, and if passed into law, they will bring significant changes to the tax system and revenue collection mechanisms in Ghana.

Tags: Finance ministryFinance Ministry optimistic about revenue boost from proposed tax bills despite pushback from stakeholdersRevenue boostTax bills
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