President Akufo-Addo

3 new tax laws get presidential assent

Graphic.com.gh Politics Apr - 17 - 2023 , 15:59

The three major tax laws targeted at bolstering the sustainable generation of domestic revenue for Ghana and recently passed by Parliament has been given presidential assent.

The Minister of Information, Kojo Oppong Nkrumah disclosed in a radio interview with Accra based Citi FM that the President has signed them.

The Information Minister indicated that after President Nana Addo Dankwa Akufo-Addo assented to them, the laws have since been returned to the Clerk of Parliament for the final processes to be completed.

It will be recalled that Parliament on March 31, 2023, approved the three major tax bills.

They are the Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, the Income Tax (Amendment) (No. 2) Bill, 2022, and the Growth and Sustainability Levy Bill, 2022.

The trio, which were passed under certificates of urgency, are projected to complement the government’s efforts to raise more than GH¢4 billion annually.

The Excise Duty (Amendment) Bill, which will impose a 20 per cent tax on cigarettes and e-smoking devices, as well as sweetened beverages, spirits and wines, is projected to rake in about GH¢400 million annually, while the Income Tax (Amendment) Bill will generate about GH¢1.2 billion.