• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Wednesday, 22 March, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
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

Debt recovery: Digitalized system helps in tracking recouped cash – ECG

Debt recovery: Digitalized system helps in tracking recouped cash – ECG

March 21, 2023
0
Ofori-Atta to appear before Parliament on Feb. 16 to answer questions on DDEP

Govt hopeful of fruitful Ghana-China talks over debt cancellation

March 21, 2023
0
Previous Post

2022 budget: Roads sector in focus

Next Post

2022 budget: A look at the education sector

Related Posts

Debt recovery: Digitalized system helps in tracking recouped cash – ECG
Business

Debt recovery: Digitalized system helps in tracking recouped cash – ECG

March 21, 2023
0
Ofori-Atta to appear before Parliament on Feb. 16 to answer questions on DDEP
Business

Govt hopeful of fruitful Ghana-China talks over debt cancellation

March 21, 2023
0
Gold for Oil: Over 100,000 tons of oil coming by March ending – Amin Adam
Business

Gold for Oil: Over 100,000 tons of oil coming by March ending – Amin Adam

March 17, 2023
0
Many are disappointed ‘Gold for Oil’ policy is working – Bawumia jabs
Business

Many are disappointed ‘Gold for Oil’ policy is working – Bawumia jabs

March 15, 2023
0
Most important aspect of Gold-for-Oil policy is savings BoG will make in foreign exchange – Bawumia
Business

Most important aspect of Gold-for-Oil policy is savings BoG will make in foreign exchange – Bawumia

March 15, 2023
0
Inflation drops marginally to 52.8% in February
Business

Inflation drops marginally to 52.8% in February

March 15, 2023
0
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 Afghanistan akufo addo Amazon Apiate explosion Appiate apple AT&T Bawku Black Stars covid COVID-19 COVID 19 E-Levy election facebook Ghana Police Service Google Government health Intel iphone Mahama Microsoft Minority momo NDC news NPP Nvidia OMICRON Parliament police Russia security South Africa Taliban tech Tesla US UTAG vaccine vaccines Verizon Xinjiang

Recent Posts

  • Ex-Gender Minister Nana Oye files forms to lead NDC in Adentan
  • Refund fraudulent salaries or face the law – Fair Wages warns ahead of nationwide payroll monitoring exercise
  • NDC primaries: We’ll provide a level-playing field for contestants – Fifi Kwetey
  • Let’s avoid economic mistakes of the past – Prof. Adei advises
  • Black Stars arrive in Kumasi for Angola clash

Recent Comments

No comments to show.

RECENT NEWS

  • Ex-Gender Minister Nana Oye files forms to lead NDC in Adentan March 22, 2023
  • Refund fraudulent salaries or face the law – Fair Wages warns ahead of nationwide payroll monitoring exercise March 22, 2023
  • NDC primaries: We’ll provide a level-playing field for contestants – Fifi Kwetey March 22, 2023
  • Let’s avoid economic mistakes of the past – Prof. Adei advises March 22, 2023

MAIN CATEGORIES

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

Entertainment

Zipline unveils new autonomous system capable of quiet, fast and precise home delivery
Health

Zipline unveils new autonomous system capable of quiet, fast and precise home delivery

6 days ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2023 Top Media Group - Powered by BackUp Data Systems

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

© 2023 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