Finance Minister Nominee, Ken Ofori Atta has told Citi Business News government will have to undertake a careful analysis of its tax cuts promise before it implements it anytime soon.
According to him, modalities for implementing the NPP’s promise to cut down taxes will largely be outlined in the 2017 budget.
“The tax cuts will be signaled strongly in the first budget and with the type of deficit you have, we clearly will have to be cautious about it. But in terms of the trajectory object certainly even in this first budget certain number of taxes will be eliminated,” he observed.
The NPP government has promised among other things to cut the 17.5 percent VAT on financial services and domestic air tickets and reduce the corporate income tax from 25 to 20 percent.
According to the party, the move should ease the burden of doing business among businesses and make them more competitive.
Though the policies are yet to be effective, Ken Ofori Atta is hopeful the policies will influence foreign investments to Ghana.
“No we haven’t because we are just drawing out the budget and we are enumerating the number of taxes we promised in the manifesto and then phase them in. But as I mentioned the need to attract investment is key and so those will also be looked at very seriously.”
Ghana- Morocco to increase trade volume
Mr. Ofori Atta made the remarks at the sidelines of an economic meeting between Ghanaian businesses and their Moroccan counterparts in Accra.
Speaking at the same event, the leader of the Moroccan Business Delegation to Ghana, Mrs Miriem Bensalah-Chaqroun was confident the business opportunities existing in Ghana should propel both countries to increase trade volumes from the current 67 million dollars within the shirt to medium term.
“We don’t have very flattering figures; we only do sixty seven million dollars of exchange which is very low but in another hand as business leaders and business entrepreneurs we see the potential for more added value and job creation because that’s who we are.”
“The private sector is the sector that creates most and more sustainable jobs and this is a periodic map that should be integrated into all our countries,” she opined.
The meeting aimed at fostering trade and bilateral relationships between Ghana and Morocco, was a joint co-operation by the Ghana National Chamber of Commerce and the General Confederation of Moroccan Enterprises.
Source: citifmonline.com
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Huh? Promises must be kept. Short and simple. Otherwise you will pay for it in 2020. Promises, promises, just to win elections? Kosia
NPP SHOULD NEVER MAKE AN ATTEMPT TO GO FOR ANY LOAN BECAUSE WE ARE NOT SIT DOWN AND LOOK AT YOU GUYS. NDC WENT FOR LOAN TO BUILD INFRASTRUCTURE AND YOU GUYS NO IT LEAD GHANA INTO A HUGE DEPT. SO NO SINGLE GHANAIAN IS EXPECTING NPP TO GO FOR LOAN ELSE WE DEMONSTRATE UNTIL NANA ADDO LEAVE OFFICE.
Ken Ofori Atta, please use your experience to implement the cuts as and when it is right. You can't do botched job as NDC did to plunge the economy in abyss. Give NDC 2000K years to proffer ideas to revamp the economy and you will have the shock of your life. However, if you were to give them 2 mins to come up with ideas to steel money, believe you me, they will give 2000 ideas in that limited time. W)N AB)N ROFF.
If I were there minister, I would wait until next year before I implement tax cuts so that the NDC will feel how it takes to be in opposition. hahahahaha am being cynical here lol
I think for any rightful planner who intends to operate in an environment collects data for the purpose. Is this finance man telling us data they never worked on any data before promising us that they will cut taxes when they come to power? Again, a couple of days ago Marfo former fin. minister in K4 regime also talked about working to block some leakages in collecting taxes. I wonder if these guys have any plan for Ghana. Call on 'competent' Bawumia to go to BOG to withdraw the monies he once said is in the bank's vault.
These npp and it functionaries are dirty lairs. Why are you waiting for foreign investments while you have promised a factory in every district? Why the need for foreign investments if you are going to build a dam in each of the villages in the 3 northern regions? Why foreign investments if you are going to spur up the growth of local industries? Lairs, you dig yourself in a deep hole and it will be difficult for you to come out
Peace FM managing Derictor, tell or advice your news caster's to avoid or stay out of politics and read what exactly the new is because, some of as are not politicians and so we want to hear the truth. What one of you news caster's read on your airwaves or radoi this morning today 17 / 01 /2017 at 6 : am news is totally deferent from what is on your blog or website which is a surprise to me n is totally misinformation. That man should came out n apologise for giving wrong news about what the minster designate for finance said Few days ago. Thanks .I have been told his name Mensah kwabrafo
After reading some of these comments, FREE EDUCATION is really and i MEAN REALLY NEEDED.. wow, I shock sef
Bawumia was right! This ndc folks don't read. No wonder, Ghana is in such a mess.
I think some people need freeshs in order to understand this simple article...