Three crucial IMF tax bills to be tabled before parliament today

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Three crucial IMF tax bills to be tabled before parliament today
Parliament of Ghana

The of Ghana will today, March 30, 2023, consider three key revenue bills that are critical to the country securing a $3 billion deal with the ().

The Income Tax Amendment Bill, The Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill will be considered, with the government insisting that their passage is necessary to help the country complete the processes for the deal as well as improve its revenue situation.

Government has warned that failing to pass the bills could lead to serious challenges that could send shocks to the economy. However, some businesses, particularly those in the mining and manufacturing sectors, have warned that the passage of the Growth and Sustainability Amendment Bill could have negative effects on the private sector.

The Minority in has also expressed opposition to the bills, warning that the passage of the bills could burden Ghanaians since the government has already increased the rate in the 2023 budget.

The Governor of the (BoG), Dr , has urged Parliament to prioritize the passage of the bills to help the country complete the processes for securing an IMF deal. When passed, the taxes are expected to raise about ¢4 billion annually. Dr Addison emphasized that the fiscal outlook is dependent on the financing of the budget and will require the conclusion of the domestic debt exchange program as well as securing the requisite financing assurances from bilateral donors.

“The passage of the relevant revenue bills by Parliament will therefore conclude the required prior actions to advance Ghana's programme to the IMF Executive Board,” Dr Addison said during a press briefing to announce the decision of the Monetary Policy Committee on the policy rate.

He stressed that the fiscal outlook is contingent on the financing of the budget and will require the conclusion of the as well as securing the requisite financing assurances from bilateral donors.

Dr Addison is optimistic that discussions with external creditors will be fruitful, making the revenue bills outstanding issues that must be quickly passed on to attain economic sustainability.

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