2017 Budget Approval

Parliament approves 4 tax cuts in 2017 budget

Parliament has approved four amendment bills to scrap taxes as proposed in the 2017 budget.

Finance Minister, Ken Ofori Atta on Tuesday 14TH March 2017 presented four bills to Parliament in accordance with the various tax cuts that were outlined in the budget.

The bills are the Income Tax (Amendment) Bill, Special Petroleum Tax (Amendment) Bill, Special Import (Amendment) Bill and Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill.

Eight taxes, including the 1 percent special import levy, the 17.5 percent VAT on domestic air tickets and financial services as well as levies on spare parts are also to be abolished.

In an interview with Citi Business News after the amendment of the bills, Mr Ofori-Attah said the tax cuts would bring relief to the business community.

“There was a lot of preparation in the house and we are really excited that the signal is being given so that the general welfare of people will be enhanced and that there will be tax relief,” he observed.

Various businesses affected by the tax cuts have since lauded the move with some indicating of price reductions in the short to medium term.

 

Source: CitiBusinessNews