President Akufo-Addo has signed into law the three new tax bills recently passed by Parliament in March 2023.

Parliament on Friday, March 31, passed 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 President’s approval to the taxes was confirmed by the Information Minister. Kojo Oppong Nkrumah.

According to the Minister, the document has since been given to the Clerk of Parliament for the rest of the final processes to be completed.
The Majority in Parliament however believe the move forms part of steps taken to raise GH¢4 billion annually.

The approved taxes are also essential to government’s efforts to secure the US$3 million bailout it is seeking from the International Monetary Fund (IMF).

Despite Minority’s opposition to the bills, the bills now laws would be implemented by the Ghana Revenue Authority after the necessary processes are completed.

These new taxes are likely to cause an increase in some goods and services in the country as producers worry over the high cost of some raw materials.

Source: Sompaonline.com/Nana Yaw Boamah