The government’s ambition to raise more revenue has received a massive boost following the passing of three new revenue Bills by Parliament.
In the last few days, there had been a heated debate on three revenue Bills; the Income Tax (Amendment) Bill, the Excise Duty and Excise Tax Stamp (Amendment) Bill, and the Growth and Sustainability Levy Bill.
While government explained that it urgently needs the Bills passed to help the country, the Minority opposed the idea with the argument that Ghanaians are already suffering and should not be burdened with more tax.
Before the end of sitting on Friday, March 31, Parliament voted on the three new revenue Bills.
Fortunately, for the government, all Bills were passed after a majority decision of 137-136.
With the three Bills, government aims to generate approximately GHC4 billion a year to supplement domestic revenue.
The passing of the Bills is also expected to help government in the quest to secure a board-level agreement with the International Monetary Fund (IMF).
The agreement will see Ghana receive a US$3 billion credit facility from government to help revive the country’s economy and set it on a path of growth.