• 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 Business

Seth Terkper calls for ‘sunset clause’ in corrective taxes

4 years ago
in Business, Economy, highlights, Home, home-news, latest News
1 min read
0 0
0
171
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Erstwhile Minister for Finance, Seth Terkper, has called for the introduction of sunset clause(s) in corrective temporary taxes introduced by government in times of crisis.

Mr Terkper, a tax expert, touching on the introduction of taxes by governments as an austerity measure during times of economic crisis, opined that such corrective taxes having served their purpose must be repealed so as to provide relief for businesses and households.

Adding that such taxes in their very nature are meant to be temporary and not permanent and only aims at correcting the worsening fiscal deficit of a country.

 Mr Terkper made the above assertions speaking at the maiden PFM Dialogue Series held in partnership with the Natural Resource Governance Institute (NRGI).

His assertions were in reference to the newly introduced taxes by government in the 2021 Budget Statement with particular emphasis on the 5 percent increment on gross profit of banks under the fiscal stabilization levy as well as the Ghs 0.20 pesewas and Ghs 0.18 per litre of petrol/diesel and Kilogramme of Liquified Petroleum Gas (LPG) under the Energy Sector Recovery Levy (ESLA), both introduced by the previous NDC administration.

Arguing out his point, Mr Terkper noted that the two taxes which now seems to have been made permanent by the incumbent government, were originally meant to be temporary and repealed after 3 years by the NDC government after serving their purposes of being used to pay down debts and arrears in the energy and financial sectors.

Meanwhile, the new taxes introduced by government in the 2021 budget is expected to kickstart on May 1, 2021. The implementation of the taxes starting next month, follows the passage of all the taxes into law by Parliament.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Government, with the passage of the new taxes, is expected to raise some Ghs 5.3 billion this year.

Source: norvanreports
Tags: austerity measuresPFM Dialogue Seriessunset clause(s) in corrective temporary taxes
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

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

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

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

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.