Friday, 25 July

Mid-year Budget Review: Okaikwei Central MP hints at key tax increases

Business
Patrick Yaw Boamah

The Chairman of Parliament’s Subsidiary Legislation Committee and Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has disclosed that Ghanaians should brace for significant increases in statutory fees and charges as part of the government’s new fiscal strategy.

Speaking ahead of the mid-year budget review to be presented to Parliament today by Finance Minister Dr. Cassiel Ato Forson, Mr. Boamah revealed that the government is proposing a 30% to 40% upward adjustment in fees and charges for various public services.

He explained that the proposal forms part of the new Fees and Charges Regulations, which are expected to be laid before Parliament on Thursday, July 25, by the Finance Minister.

The draft regulations are currently under pre-laying consideration by the Subsidiary Legislation Committee.

"The committee is reviewing the proposed increments to ensure they align with the current economic needs and legal frameworks," Mr. Boamah stated.

"Once approved, these changes will affect a wide range of government services."

The proposed adjustments are expected to boost domestic revenue generation as the government looks to shore up its finances amid ongoing economic challenges, he said.

 

The mid-year review is anticipated to provide clarity on the government’s fiscal outlook, including new policy measures aimed at stabilising the economy, improving revenue mobilisation, and addressing expenditure pressures

Source: Classfmonline.com/Cecil Mensah