• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Friday, 16 May, 2025
  • Login
Top Radio 103.1 FM
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
Top Radio 103.1 FM
No Result
View All Result
Home Business

2022 Budget: No More Wasteful Tax Exemptions – Gov’t

Samuel Adams by Samuel Adams
November 17, 2021
in Business
A A
0
2022 Budget: No More Wasteful Tax Exemptions – Gov’t
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Government has indicated that it will streamline the country’s tax regime to prevent large companies from abusing tax exemptions. 
 
With Ghana losing about five per cent of its Gross Domestic Product (GDP) annually due to excesses in taxes of companies operating in the free zone, the government says it is putting in place measures to handle wasteful tax exemptions.
 
Minister of Finance, Ken Ofori-Atta who said this in his presentation of the 2022 budget statement and economic policy to Parliament on Wednesday, November 17, 2021, said the government through the Exemptions Bill which will be laid in the house in 2022 will trim down wasteful tax exemptions to ensure the country gain significant returns from companies enjoying tax exemptions. 
 
“We wish to reiterate that we are in challenging times, which require radical measures, so let us embrace these new policies to enable Government to address the fundamental issues affecting the economy, to ensure that, our Nation continues to maintain its position,” he said. 
 
More Reliefs for Textile Industry
 
The Minister also announced a two-year extension of the Value Added Tax (VAT) relief on African prints for textile manufacturers in the country. According to him, the extension is to enable them to resuscitate their operations and provide affordable textiles to the market. 
 
Limiting of VAT flat rate to retailers
 
Mr Ofori-Atta also indicated that the 3 per cent VAT flat rate on the supply of goods by wholesalers and retailers which was introduced in 2017 will now be limited to only retailers explaining that all other supplies of goods and services will attract the standard rate.
 
This the Minister explained that the object of the flat rate is to provide a simplified system for small scale enterprises noting that to ensure that this objective is achieved, the rate will be applied to retailers with annual turnover not exceeding GH¢500,000. All other retailers and wholesalers will charge the standard rate.

Related Posts

Uber, Bolt, other ride-hailing vehicle owners to pay Value Income Tax from January 1

Uber, Bolt, other ride-hailing vehicle owners to pay Value Income Tax from January 1

December 21, 2023
18
Inflation for August 2023 drops to 40.1%

Inflation for August 2023 drops to 40.1%

September 13, 2023
6
Previous Post

2022 budget: Roads sector in focus

Next Post

2022 budget: A look at the education sector

Related Posts

Uber, Bolt, other ride-hailing vehicle owners to pay Value Income Tax from January 1
Business

Uber, Bolt, other ride-hailing vehicle owners to pay Value Income Tax from January 1

December 21, 2023
18
Inflation for August 2023 drops to 40.1%
Business

Inflation for August 2023 drops to 40.1%

September 13, 2023
6
IMF bailout: Ghana on track to receive 2nd tranche in December – Ofori-Atta
Business

IMF bailout: Ghana on track to receive 2nd tranche in December – Ofori-Atta

September 5, 2023
6
We only financed government in 2020 and 2022 with ¢10bn, ¢37.9bn – BoG
Business

We only financed government in 2020 and 2022 with ¢10bn, ¢37.9bn – BoG

August 17, 2023
3
IPPs are being engaged to restructure accrued outstanding balances – Finance Minister
Business

Ghana’s fiscal risk moderating as expenditure takes a nosedive – Report

August 8, 2023
5
Cedi’s outlook to be stable this week
Business

Cedi’s outlook to be stable this week

July 18, 2023
4
Next Post
2022 budget: A look at the education sector

2022 budget: A look at the education sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget AFCON Afghanistan akufo addo Amazon Apiate explosion apple AT&T Ato Forson Black Stars covid COVID-19 COVID 19 E-Levy facebook GFA Ghana Police Service Google Government GRA health Intel iphone LGBTQ Mahama Majority Microsoft Minority momo NDC NPP Nvidia OMICRON Parliament police Russia security Taliban tech Tesla US UTAG vaccine vaccines Xinjiang

Recent Posts

  • Ex US President Jimmy Carter Passes On
  • VIP Bus – Four Confirmed Dead
  • BoxingDay on the streets of Accra by Top Media Group
  • Toyota global production down for 10th month despite rising sales
  • Akufo-Addo leads team to present brand-new car to GHS outstanding health officer for 2024

Recent Comments

No comments to show.

RECENT NEWS

  • Ex US President Jimmy Carter Passes On December 30, 2024
  • VIP Bus – Four Confirmed Dead December 28, 2024
  • BoxingDay on the streets of Accra by Top Media Group December 28, 2024
  • Toyota global production down for 10th month despite rising sales December 26, 2024

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

Government approves GH¢4m to clear Korle-Bu renal unit’s debt
Health

Government approves GH¢4m to clear Korle-Bu renal unit’s debt

2 years ago
19
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2025 Top Media Group - Powered by BackUP Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2025 Top Media Group - Powered by BackUP Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In