Government, in addition to reviewing existing taxes will be introducing new ones in its presentation of the 2021 Budget Statement.
The review of existing taxes as well as the introduction of new ones, norvanreports understands is to help finance government’s huge budget deficits and rising debts resulting from Covid-19 related expenditure.
It is also to help fast track the recovery of the economy and return the country to the path of fiscal consolidation.
Speaking about the new taxes to be introduced by government in the 2021 Budget Statement, Minister for Information, Kojo Oppong Nkrumah, noted the tax raises is necessary to enable government raise more revenue to tackle its challenges.
“If you look at the current limits we have now, its important to look at the best ways of mobilizing revenue to tackle the challenges we have, but the President is also mindful to not burden the population that is already burdened by the adverse impacts of the pandemic,” he said.
“So the fiscal measures you hear from the budget will be a fine line between raising more revenue but not burdening the population,” he asserted.
Adding the 2021 Budget Statement will focus primarily on a full post Covid-19 recovery programme aimed at enabling the economy return to its previous successes.
“A key thread you will find in the budget presentation will be a strong focus on the post-Covid recovery programme aimed at enabling the economy to return to its previous successes. The programme is a key pillar on which the President’s second term is built and on which his transformation agenda hinges and so it is a priority because without it, there is little foundation on which we can build the transformation we all desire,” Mr Oppong Nkrumah stated further.
Meanwhile, it has been confirmed that the Majority Leader in Parliament, Osei Kyei Mensa Bonsu, will be making the 2021 Budget Statement presentation on the floor of Parliament come Friday, March 12.
