Frank Annoh-Dompreh, Member of Parliament for Nsawam Adoagyiri and Majority Chief Whip, has revealed that when legislators return, five financial bills will be introduced.
According to him, the bills include the Revenue Administration Regulations, 2023, as well as several other financial bills.
The lawmaker stated in a tweet that these bills would be introduced in Parliament when the House reconvenes on Tuesday, June 6.
The Speaker of Parliament, S. K Alban Bagbin, has called Parliament back from recess to begin the 2nd Meeting of the 3rd Session of the 8th Parliament of the 4th Republic on Tuesday, June 6, 2023, in accordance with Order 37 of the Standing Orders of Parliament.
Before taking a break for Easter, the House passed three bills into law.
The bills are titled Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, Income Tax (Amendment) (No. 2) Bill, 2022, and Growth and Sustainability Levy Bill, 2022.
The three bills, which were passed under certificates of urgency, are expected to help the government raise more than GH4 billion per year.
The Excise Duty (Amendment) Bill, which will impose a 20% tax on cigarettes and e-cigarettes, as well as sweetened beverages, spirits, and wines, is expected to generate approximately GH400 million per year, while the Income Tax (Amendment) Bill will generate approximately GH1.2 billion.
The Growth and Sustainability (Amendment) Bill, which will replace the National Fiscal Stabilisation Levy, which currently imposes a levy on companies operating in specific sectors, is expected to generate approximately GH2.2 billion.
The National Fiscal Stabilisation Levy replaced the National Reconstruction Levy of 2001 (Act 597) and the National Reconstruction Levy (Amendment) Act of 2005 (Act 687), which imposed a 1.5 percent non-deductible levy on all companies’ profits before tax, except rural and community banks.
By: Rainbowradioonline.com/Ghana
