Ken Ofori-Atta, Finance Minister
Finance Minister Ken Ofori-Atta has revealed that the government of Nana Addo Dankwa Akufo-Addo will pass the Right to Information (RTI) bill as a way of dealing with corruption in the public sector.
More than a decade after it was presented to Ghana's parliament, the bill has not been passed.
However, presenting the government budget to parliament on Thursday, 2 March, Mr Ofori-Atta, among other things, said: “Mr Speaker the government will pass the Right to Information bill.”
Mr Ofori-Atta also touched on the scrapping of some levies including the excise duty on petroleum products. The government also intends to reduce the special petroleum tax rate on petrol from 17.5% to 15%.
Other taxes that will be completely abolished include the following:
1. The 1% special import levy
2. The 17.5% VAT on financial services
3. The 17.5% VAT on selected imported medicines not produced locally
4. The 17.5% VAT on domestic airline tickets
5. The 5% VAT on real estate sales
6. Duty on importation of spare parts
Also, the 17.5% VAT imposed on traders has been replaced with a 3% flat rate, while businesses that employ young graduates from tertiary institutions will get tax credits and other incentives. Furthermore, there will be tax incentives for young entrepreneurs while the Corporate Income Tax will be progressively reduced from 25% to 20% in 2018.
Additionally, Mr Ofori-Atta said the Akufo-Addo government would initiate steps to remove import duties on raw materials and machinery for production.
