Plans are underway to review tax exemption policy - Kweku Kwarteng reveals

The Government of Ghana has started plans to review the law on tax waivers and exemptions.

This was disclosed when Parliament guaranteed a tax exemption package of 90 million dollars to establish the Early Power project last week. The project which is worth 647 million dollars is expected to produce a 400 megawatts power plant.

Speaking on the floor of the house on October 6, 2017, Deputy Finance Minister, Kweku Kwarteng disclosed that government is undertaking a review of the exemption policy to enable value for money in future contracts.

“Please take note; we were compelled to do this because we met an agreement that has already committed the government to do this”, he said in response to tax waivers granted on the Early Power project adding that “We also note concerns raised about the cost-benefit of this exemption.”

He also revealed that government has therefore partnered with some international entities to review the impact of exemptions in the economy.

“It is correct that many of us in the past have had reservations about some the exemptions in the economy and it is the reason, we, with the support from DFID, are taking steps to do a comprehensive study of the impact of exemptions in the economy”.

 

primenewsghana.com/Ghana News