Parliament has approved all four tax bills presented by the Finance Minister to enable government enforce tax cuts outlined in its maiden 2017 budget statement.
Parliament has approved all four tax cut bills presented by the Finance Minister in the 2017 budget.
The bills are the Income Tax Bill, Special Petroleum Tax Bill, Special Import Levy Bill and Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill.
The passage of these bills give government the legal backing to implement its programmes enumerated in the budget.
Though all four bills have been passed it is yet to receive Presidential assent before it can become a law.
Purposes of bills
The Income Tax(Amendment seeks to amend the Income Tax Act,2015(Act 896)to exempt the gain on the realization of securities of companies listed on the Ghana Stock Exchange from income tax for the period 2017 to 2021
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The Special Import Levy aims at removing levies payable on specific imported goods, while the Customs and Excise Bill seeks to repeal petroleum taxes and petroleum related levies.
The Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill, 2017, is to repeal custom and excise levies on petroleum products.
The amendment of the bills will give the government the legal backing to reduce taxes for businesses as contained in the 2017 Budget Statement and Economic Policy.
Parliament earlier on had approved the financial policy of the government of Ghana for the year ending 31st December, 2017.