02.06.2006 Business & Finance

Parliament Approves Various Loans

Parliament Approves Various Loans
02.06.2006 LISTEN

Parliament yesterday took the Internal Revenue (Amendment) Bill 2006, through the second reading.

The purpose of the Bill is to amend the Internal Revenue Act, 2000 and extend the tax exemption enjoyed by securities of companies listed on the Ghana Stock Exchange in the event of disposal of the securities.

A report of the Finance Committee said a technical team from Internal Revenue Service and the Stock Exchange informed the Committee that the Stock Exchange market was still young and needed to be assisted to grow and to remain on the market.

The Committee said it was of the view that the Bill would afford businesses the opportunity to remain on the Stock Exchange and would further entice other businesses not yet on the Stock Exchange to enlist appropriately.

The House also approved of various reports involving loan transactions with some members calling for the inclusion of a proper environmental management practice into the Odaw Drainage Improvement Works for which a loan of 5,199,017.00 euros has been contracted.

Mr John Mahama, NDC-Bole-Bamboi, said it was worrying that despite huge funds being pumped into the improvement works, little was being done to de-silt the River. Other loans approved of were a 38.7 million euro loan for the Koforidua Water Supply Rehabilitation and Expansion Project and a 7.9 million facility for tax exemption on equipment and materials and the waiver of income tax exemption for expatriate staff for the execution of the Tamale Water Treatment Expansion Works.

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