Tax Exemption Bill set to be presented before Parliament by end of 2021 – Osei-Asare

The bill when approved will comprise of tax waivers given to local and foreign companies operating in the country in a bid to boost increased investment and rake in more foreign direct investment.

It will also serve as an efficient tool the Finance Ministry would use to ensuring revenue tax targets are achieved amid revenue mobilization efforts.

Deputy Minister of Finance Abena Osei-Asare providing an update on the bill explained that her outfit has engaged stakeholders on the bill which is almost through to Cabinet.

“The bill when passed would assist in achieving the revenue target without necessarily having to increase taxes in the course of the year,” Abena Osei said in a JoyNews interview monitored by GhanaWeb.

“We realized we needed to engage more of our stakeholders in putting the bill together,” the minister added.

Prior to the latest development on the Bill, Finance Minister Ken Ofori-Atta in 2019 laid the Tax Exemption Bill 2019 before the 7th parliament for approval but it was hit by a snag as the bill's life span expired.