Government Has Not Introduced 3 New Taxes - Oppong Nkrumah

According to the Minister of Information, Kojo Oppong Nkrumah, the three revenue bills recently passed by Parliament are not new taxes that will overburden Ghanaians during the current global economic challenges.

He clarified that the bills actually aimed to expand the country's revenue base rather than introduce new taxes. The three bills in question are the Income Tax (Amendment) Bill, the Excise Duty and Excise Tax Stamp (Amendment) Bill, and the Growth and Sustainability Levy Bill.

These bills were passed after a close vote of 137-136, with the government seeking to generate approximately GHC4 billion annually to supplement domestic revenue.

Although some business groups, such as the Ghana National Chamber of Commerce and Industry (GNCCI), have expressed concern over the development, Nkrumah maintained that the existing Income Tax Act, Excise Duty Levy Act, and Fiscal Responsibility Act only cover certain categories of persons and transactions.

Therefore, it was necessary to expand the base and include these uncovered areas in the already existing revenue measures.

Speaking on Asaase Breakfast Show on Monday (3 April), Nkrumah said:

The Income Tax Act already exists, the Excise Duty Levy Act already exists and the Fiscal Responsibility Act already exists. The view of the fiscal policy managers is that there are some categories of persons and some transactions that are not covered by these already existing laws.
"And that's why it's important to broaden the base and include those in these already existing revenue measures, Nkrumah added.