Akufo-Addo assents to three new revenue bills, says Oppong Nkrumah

President Akufo-Addo has assented to the three revenue bills recently passed by Parliament to make them officially law, the Minister of Information, Kojo Oppong Nkrumah, has said.

Parliament passed three revenue bills last month – the Income Tax (Amendment) Bill, the Excise Duty and Excise Tax Stamp (Amendment) Bill and the Growth and Sustainability Levy Bill.

The bills were given the green light after the Majority Caucus carried a vote in Parliament by 137-136 on Friday 31 March 2023. The government is seeking to generate approximately GHC4 billion a year to supplement domestic revenue following the passage of the three bills.

Speaking to the Accra-based radio station Citi FM, Opong Nkrumah said the bills have been returned to the Clerk to Parliament for final processes to be completed.

“From there, there will be the necessary transmittals before the Ghana Revenue Authority can commence implementation,” he said.

No new taxes

Meanwhile, Oppong Nkrumah has said the three revenue bills passed are not new taxes that will overburden Ghanaians, following the global economic financial crisis.

He said the bills rather expand Ghana’s revenue base.

Some business groups in the country, including the Ghana National Chamber of Commerce and Industry (GNCCI), have kicked against the new bills, saying they will precipitate the collapse of businesses.

However, appearing on the Asaase Breakfast Show on 3 April, Nkrumah said: “These three revenue bills that have just been passed by Parliament are actually not three new taxes.

“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 acts.

“And therefore, it’s important to expand the base and include those ones in these already existing revenue measures,” Nkrumah said.