The government of Ghana has scrapped off eight taxes from the country's tax system. This move will cause the country to lose an annual tax revenue of GHC398 million.
Those tax cuts were made possible following the approval of the;
Special Petroleum Tax (Amendment) Bill, 2017
Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill, 2017
Income Tax (Amendment) Bill, 2017 and
Special Import Levy (Amendment) Bill, 2017
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According to the Chairman of the Finance Committee, Mark Assibey-Yeboah, the move will reduce the tax burden businesses.
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He adds that government intends to make up for the loss through enhanced method of revenue generation.
Below is an infograph of projected tax loss from tax cut for 2017