Finance Minister, Ken Ofori Atta says the government has not imposed any new taxes in the 2020 budget.
According to Ken Ofori Atta, more focus will be placed on revenue mobilisation.
Speaking at the 2020 budget and financial policy presentation in Parliament today, November 13, 2017, Ken Ofori Atta said, "We have not imposed any new taxes, to address the challenges of revenue mobilisation, Government will restructure the tax system and develop a comprehensive revenue policy and strategy. The Ghana Revenue Authority (GRA) occupies a critical position in the economy and is responsible for approximately 70 percent of domestic revenues. After 10 years of integration, the Government is ready to carry out the next generation of reforms in revenue administration. A transformation program centered around the three main themes of People, Technology, and Service will be structured with the new leadership of the GRA to create a ‘NEW GRA’ that will reflect the very best of efficiency and productivity."
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"Government shall renew and extend the National Fiscal Stabilisation Levy and Special Import Levies (SIL) for five years (5) to support the Budget; and in line with Government policy, the personal income tax band will be adjusted and the necessary Parliamentary approval sought to ensure that the 12 percent minimum wage increase for 2020 is tax-exempt," he added
Ken Ofori Atta also stated that personal reliefs will be adjusted upwards as part of the government's plant to support families in the country.
"Personal Reliefs such as marriage relief, child education relief and old age relief which were last adjusted in 2015 will also be reviewed upwards, consistent with government commitment to support families."
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