President Nana Addo Dankwa Akufo-Addo has pledged nurture and grow Ghana's Private sector during his tenure in office as President of the Ghanaian Republic.
According to Ghana's current president, certain steps - like the removal of certain taxes - his government has already taken during the past 60 plus days if office have been taken in order to ensure the buoyancy of Ghana's private sector.
President Akufo-Addo made his comments in an interview with GTV on Friday, March 17th.
“Most of the funding is coming from the Consolidated Fund and the Consolidated Fund is going to grow, it will not shrink because of the measures with the taxes, the measures that we have taken to remove what is now known in political lexicon as nuisance taxes.
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“What you have to get your mind around is that we are staking the fortunes of our government on a simple principle that if we can provide the stimulus that will allow the private sector to grow, that is the way we can create prosperity and create jobs and create higher and higher income levels.”
According to finance minister Ken Ofori-Atta's budget reading, government has already scraped the special petroleum tax rate on petrol from 17.5% to 15%, while other taxes will be scrapped gradually.
Those taxes include:
- The 1% special import levy
- The 17.5% VAT on financial services
- The 17.5% VAT on selected imported medicines not produced locally
- The 17.5% VAT on domestic airline tickets
- The 5% VAT on real estate sales
- Duty on importation of spare parts
Finance Minister Ofori-Atta also stated that the 17.5% VAT for traders has been replaced with a 3% fixed rate, with government further promising to eventually remove import duties on raw materials and machinery for production.
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