• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

ISSER Director calls for update on impact of new taxes on revenue generation

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
56
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, has called on the Minister for Finance, Ken Ofori-Atta to provide an update on the level of impact the introduction of the new taxes in the 2021 budget has had on revenue generation for government.

The call for the update, according to Prof. Quartey, is to assess the efficiency of the new taxes and revise them if necessary as to enable government achieve its revenue targets.

“Revenue generation is very important. It is time to evaluate the new taxes which were introduced to ascertain its impact on revenue. It is time for the ministry of finance to tell us how much revenue we have gained to see whether they are efficient taxes. If not then we scrap it. There are too many levies on imports; are they bringing in the needed revenue or they are rather inconveniencing importers and affecting producer prices,” he opined.

Government in the 2021 budget introduced some new taxes to shore up domestic revenue which has performed abysmally over the years. The new taxes include COVID-19 Health Levy which will see a one percentage point increase in the National Health Insurance Levy and a one percentage point increase in the VAT Flat Rate to support expenditures related to COVID-19.

In addition to this, government introduced a Sanitation and Pollution Levy (SPL) of 10 pesewas on the price per litre of petrol/diesel under the Energy Sector Levies Act (ESLA); and a further Energy Sector Recovery Levy of 20 pesewas per litre on petrol/diesel under the ESLA as a means of finding additional resources to cover the excess capacity charges that have resulted from the Power Purchase Agreements (PPAs).

Besides these, government further slapped a financial sector clean-up levy of 5 percent on profit-before-tax of banks to help defray outstanding commitments stemming from the financial sector clean-up.

That is not all, the budget statement further added that there will be a review of existing road tolls which will be aligned with current market rates as part of the framework for promoting burden sharing as the country seeks to transform road and infrastructure sector in a post-COVID era.

RelatedPosts

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

On the back of the newly introduced taxes, government has set a revenue target of Ghs 72.4 billion for 2021. Out of the total target, about Ghs 70.9 billion is expected to be raised from domestic sources. Of this, non-oil tax revenue will constitute about 74 percent which will amount to Ghs 53.6 billion, equivalent to 12.4 percent of GDP.

Speaking further, Prof Quartey noted that he expects the Finance Minister in his presentation of the mid-year budget review later this month to provide information on the country’s rising debt levels and widening budget deficit.

“And then also how far or how well we have managed our revenue situation. Are we likely to reduce our budget deficit? To what extent are we going to achieve our targeted budget deficit? Our debt to GDP is increasing. Some medium-term strategies were outlined in the budget. Are we on course in achieving them so that in the next two, three years, our debt to GDP ratio will come down to sustainable levels? Are we going to see that in the budget?”

“And of course, capital expenditure is also very important. Often times, our capital expenditure is low, sometimes below 10 percent of total revenue. How much have we invested? We need to invest to generate revenue and we need to invest to enhance GDP. So how much have we invested,” Prof. Quartey asked.

The country’s budget deficit as at the end of 2020 was 11.4 percent of GDP. Presently, the country’s public debt stands at Ghs 304.6 billion.

Tags: Energy Sector Recovery Levyimpact of new taxes on revenue generationISSER Directornon-oil tax revenueProfessor Peter Quartey
No Result
View All Result

Highlights

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

GFA Set To Release 2025/26 Premier League Fixtures On Monday August 4

Leclerc Claims Stunning Pole Position as McLaren Struggles in Changing Winds

Nigeria Losing Battle Against Hunger as Food Inflation Persists

Trending

Features

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Europe's Energy Future Hinges on Global Powers The European Union’s drive to replace Russian energy imports within...

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025
AI. Circuit board. Technology background, Central Computer Processors CPU concept..

How AI is Rewriting and Enhancing Water Risk Management

August 3, 2025

SheFarms Broiler Edition Kicks Off in Greater Accra

August 3, 2025

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.