On Friday night, three bills were passed by parliament: the Income Tax Amendment Bill, the Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill.
The minority in Parliament also fought hard against the proposed taxes, but the majority managed to gather enough votes on voting day to pass them. The government has previously indicated that the tax laws are necessary in order to help the government finish processes for the about $3 billion IMF deal and improve the revenue condition of the country.
After days of debate, MPs showed up in large numbers on Friday to cast their vote. The bills were introduced in Parliament as part of the government’s efforts to mobilise domestic revenue of around 4 billion Ghana cedis each year.
It was passed with a voice vote. The House finally passed the Growth and Sustainability Amendment Bill, 2022, in the third reading stage.
The Finance Ministry said that if these bills aren’t passed, the country could face serious problems that could send shocks through the economy.
To do this, the government plans to put a 20% tax on e-cigarettes, fruit drinks, and other items. After a headcount, the excise duty was passed with 137 for the majority and 136 for the minority.
In addition, the Income Tax Amendment Bill of 2022 was approved on third reading.
Source – Tru News Report
