Tax cuts: Ofori-Atta lays amendment bills before parliament

Minister of Finance Ken Ofori-Atta has presented to parliament some amendment bills that will pave way for the government to implement the tax cuts it announced in the 2017 budget.

Mr Ofori-Atta, in his budget statement for 2017 on March 2, told parliament that the Akufo-Addo administration intended to reduce some taxes while scrapping others.

Amendment bills on Income Tax, Special Petroleum Tax, Special Import Levy, and Custom and Excise (Petroleum Taxes and Petroleum Related Levies) were presented by the Minister to the house.

The taxes government intends to abolish are listed below:

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 sale

6. Duty on importation of spare parts