The Finance Minister Nominee, Ken Ofori Atta has indicated that the Nana Addo-led government will have to undertake a careful analysis of its tax cuts promise before it implements it anytime soon.
In an interview with Accra-based Citi FM Ofori Atta said the modalities for implementing the NPP’s promise to cut down taxes will largely be outlined in the 2017 budget.
“The tax cuts will be signalled strongly in the first budget and with the type of deficit you have, we clearly will have to be cautious about it. But in terms of the trajectory object certainly even in this first budget certain number of taxes will be eliminated.”
“We are just drawing out the budget and we are enumerating the number of taxes we promised in the manifesto and then phase them in. But as I mentioned the need to attract investment is key and so those will also be looked at very seriously.”
Ofori Atta made the remarks at the sidelines of an economic meeting between Ghanaian businesses and their Moroccan counterparts in Accra.
READ ALSO: Ghana to issue 17.4 billion cedis in debt securities
The NPP government during the campaign ahead of the December 7 general elections promised among other things to cut the 17.5 percent VAT on financial services and domestic air tickets and reduce the corporate income tax from 25 to 20 percent.
According to the party, the move will reduce the burden of doing business among businesses and make them more competitive.