General News Thu, 2 Mar 2017

Ken Ofori-Atta presents 2017 Budget

Finance Minister, Ken Ofori-Atta today presented the 2017 Budget and economic statement to the house of parliament.

The presentation of the first ever budget delivered under the Akufo-addo’s led administration saw some promises of the NPP rolled out to help boost the economy and strengthen the confidence of investors in the country.

The Finance Minister also admonished the House to rally behind the President in fixing the country.

According to Mr Ken Ofori-Atta prudent and innovative measures will be implemented to improve the economic status of the country.

Mr Ken Ofori-Atta however announced the abolishment of some taxes these includes:

The 1 % Special Import Levy

Kayayei Market Tolls

17.5 % VAT/NHIL on financial services

17.5 % VAT/NHIL on selected imported medicines, that are not produced locally

17.5 % VAT/NHIL on domestic airline tickets

5 % VAT/NHIL on Real Estate sales

Replaced 17.5% VAT/NHIL with 3 % flat rate for traders

Tax credits and other incentives for businesses that hire young graduates from tertiary institutions

Tax Incentives for Young Entrepreneurs

Duty on imported Spare parts Abolished

Corporate Income Tax to be progressively reduced from 25% to 20% in 2018

Excise duty on petroleum abolished

Special Petroleum Tax Rates reduced from 17.5% to 15%

National Electrification Levy reduced from 5% to 3%

Public Lighting Levy reduced from 5% to 2%

Source: www.ghanaweb.com
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