Thursday, July 29, 2021
As the finance minister prepares to deliver the mid-year budget and supplementary estimates to parliament on Thursday, a tax analyst - Francis Timore Boi - has advised government to reinstate the 17.5% GETFUND and National Health Insurance Levy (NHIL) of VAT to their former status. In the 2018 mid-year budget,...
Remittances to low- and middle-income countries are set to increase by 2.6% in 2021 Morocco has experienced year-to-date growth in remittances of more than 50% The positive outlook comes amid a strong economic recovery in host markets Remittances are seen as key to the economic rebound in many...
Analyst calls for cautious optimism in the short-term Suggests guided minimum threshold would aid growth The ongoing stellar performance of the equities market is driving more interest among investors - to which the local pension funds are not exempt, the market’s half-year report has revealed. As of June 2021, local...
The Ghana Revenue Authority (GRA), after the completion of its comprehensive integration exercise with other government institutions, has observed that out of the 14 million registered taxpayers on its books, a majority 8 million have not been filing their tax returns - leaving 6 million complying with the tax...
The International Monetary Fund (IMF) has projected the country’s public debt to hit 83.5 percent of Gross Domestic Product (GDP) by end of the year, thereby throwing the economy into the dreaded list of debt-distressed countries. Already, the country is in the basket of economies at high risk of debt-distress...
The manufacturing and service sectors, including agribusiness but excluding trade, recorded an estimated GH¢158.4billion financing gap in 2020 - about 40 percent of GDP according to the Minister of Finance, Ken Ofori-Atta. Despite the huge gap, Mr. Ofori-Atta is however confident that it can be plugged by the soon to...
Given the latest rise in consumer inflation, any further rise in inflation could sustain upward pressure on domestic debt yields, Courage Kingsley Martey, Senior Economist with investment bank Databank has said. Data from the Statistical Service showed that the consumer price index inched up to 7.8 percent year-on-year in June...
Some taxpayers and businesses in the country have expressed disquiet about the delay in setting up the Independent Tax Appeals Board (ITAB), which is expected to resolve tax disputes between the Ghana Revenue Authority (GRA) and businesses or individuals. In March 2021, the finance minister assured parliament that the board...
Despite some gradual increases over the past two decades, Ghana’s tax-to- GDP ratio - which stood at 13 percent in 2019 - remains below that of many countries with a comparable income level; largely due to ineffectiveness of the current tax policy designs of personal income and general sales...
Mid-year budget Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, has urged government to provide update and clarity on the newly introduced taxes so that their impact can be assessed and revised if necessary. Government in the 2021 budget introduced...
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