‘Asempa’ budget’ll fix Ghana: Ofori-Atta

Finance Minister Ken Ofori-Atta has named the 2017 budget statement he presented to parliament on Thursday 2 March an “Asempa” (Good news) budget that gives Ghanaian bright future prospects.

During the reading of the statement, Mr Ofori-Atta mentioned, among other things, the scrapping of 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.

Ending his presentation, he said: “Mr Speaker, we are in a crucial point in our history and this is a nation that the Lord has blessed. God indeed bless our homeland Ghana and make our nation great and strong. Mr Speaker, I beg at this juncture to move the Asempa budget.”

Meanwhile, the Minority in parliament has also described the maiden financial statement of the Akufo-Addo-led government as a “419 budget”.

This, they did, by showing placards with the inscription “419 budget” when Mr Ofori-Atta announced the scrapping of a number of “nuisance taxes”.

credit:classfmonline

Publish on Apt

Do you have any Social, informational, educational or entertaining stuff that should be featured on www.aptnewsghana.com?

Please submit your stories, pictures, and videos to us via WhatsApp: +233548388489 or click on the icon on your screen. Alternatively, email us: aptnewsghana@gmail.com

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • Coronavirus - Somalia: Update on COVID-19 in Somalia (11th July 2020) July 11, 2020
    Download logoNew cases confirmed today: 13 Somaliland: 5 Jubbaland: 4 Benadir: 2 Galmudug: 2 Male: 6 Female: 7 Recovery: 55 Death: 0 Total confirmed cases: 3,051 Total recoveries: 1,264 Total deaths: 92Distributed by APO Group on behalf of Ministry of Health & Human Services, Federal Republic of Somalia.
  • Coronavirus - Africa: COVID-19 WHO Africa Update (11 July 2020) July 11, 2020
    Over 556,000 confirmed COVID-19 cases on the African continent - with more than 273,000 recoveries & 12,000 deaths. View country figures & more with the WHO African Region COVID-19 Dashboard: https://arcg.is/XvuSX.Distributed by APO Group on behalf of WHO Regional Office for Africa.Media filesDownload logo
  • Coronavirus - Kenya: Distribution of Cases by County (11th July 2020) July 11, 2020
    Download logoThe new positive cases are distributed in the counties of: Nairobi (162) Kajiado (40) Kiambu (28) Machakos (22) Nakuru (16) Siaya (2) Mombasa (2) Murang’a (1) Nyamira (1) Meru (1) Homa-Bay (1) Nyandarua (1) Uasin-Gishu (1) Distributed by APO Group on behalf of Ministry of Health, Kenya.
  • Coronavirus - Malawi: COVID-19 Daily Information Update (11th July 2020) July 11, 2020
    New cases: 192 Total confirmed cases: 2261 Total active cases: 1711 Total recovered: 517 Total number of tests conducted: 20098 Total deaths: 33Distributed by APO Group on behalf of Ministry of Health and Population, Republic of Malawi.Media filesDownload logo
  • Coronavirus - African Union Member States (54) reporting COVID-19 cases (560,714) deaths (12,768), and recoveries (274,922) July 11, 2020
    African Union Member States (54) reporting COVID-19 cases (560,714) deaths (12,768), and recoveries (274,922) by region: Central (40,293 cases; 833 deaths; 22,347 recoveries): Burundi (232; 1; 141), Cameroon (15,173; 359; 11,928), CAR (4,200; 52; 1,142), Chad (874; 74; 789), Congo (2,103; 47; 602), DRC (7,971; 189; 3,615), Equatorial Guinea (3,071; 51; 842), Gabon (5,942; 46; […]
  • Coronavirus - Nigeria: COVID-19 case update for Nigeria (10th July, 2020) July 11, 2020
    575 new cases of COVID-19 in Nigeria: Lagos - 224 Oyo - 85 FCT - 68 Rivers - 49 Kaduna - 39 Edo - 31 Enugu - 30 Delta - 11 Niger - 10 Katsina - 9 Ebonyi - 5 Gombe - 3 Jigawa - 3 Plateau - 2 Nassarawa - 2 Borno - 2 […]
  • Coronavirus - Kenya: COVID-19 Update (11th July 2020) July 11, 2020
    Total confirmed: 9726 Total recovered: 2832 Deaths: 184Distributed by APO Group on behalf of Ministry of Health, Kenya.Media filesDownload logo
  • Coronavirus - South Africa: COVID-19 update for South Africa (10 July 2020) July 11, 2020
    COVID-19 Update: A total of 56663 COVID-19 tests were conducted in the last 24 hours. Regrettably, we report 140 more COVID-19 related deaths, bringing the total number of deaths to 3860. We send our deepest condolences. The number of recoveries is 118232 (47.2% recovery rate).Distributed by APO Group on behalf of National Institute for Communicable […]
  • Coronavirus - Rwanda: COVID-19 update (10 July 2020) July 11, 2020
    Total cases: 1,252 (+42) Tests: 176,260 (+3,898) Recovered: 635 (+12) Deaths: 3 (+0) Actives cases: 614Distributed by APO Group on behalf of Ministry of Health, Republic of Rwanda.Media filesDownload logo
  • Coronavirus - Zimbabwe: COVID-19 update, 10th July 2020 July 11, 2020
    Download logoHighlights of the situation report Sixteen (16) cases tested positive for COVID-19. These include returnees from South Africa (7), Botswana (1) and 8 local cases who are isolated. Fourteen (14) recoveries were reported by Bulawayo Province. We regret to report a community death of a 63-year-old female from Matabeleland North Province, this was detected […]