Government has announced tax increases as well as new taxes to raise money to fund its ambitious plans for the country in its 2013 fiscal policy statement.
Finance Minister Seth Terkper told Parliament the country’s tax regime had remained largely unchanged for a very long even though situations had changed.
He said the increases would not only help the government to expand its social intervention programmes but ensure that the taxes aligned perfectly with existing trends in revenue mobilisation.
Mr. Terkper said that increase in personal income taxes was necessary to redistribute income whilst an adjustment in the tax band was designed to take account of inflation.
The registration threshold of the Value Added Tax will therefore be increased from GH¢90,000 to GH¢120,000.
Credit: Daily Graphic