The government will not introduce any new taxes in the 2020 fiscal year.
Presenting the 2020 Budget to Parliament on Wednesday, the Minister of Finance, Mr Ken Ofori-Atta, said the government would restructure the tax system and develop a comprehensive revenue policy and strategy to address the challenges of revenue mobilization.
He said the government would also lend the necessary support to the Ghana Revenue Authority to boost revenue collection in order to meet its revenue targets.
“We will take a radical policy and institutional reforms towards raising our tax-to-GDP ratio over the medium term from under 13 per cent currently to around 20 per cent. The focus will be on efficiency and base-broadening rather than imposing new taxes on our people and businesses. This way, we can raise our domestic contribution to our ambitious transformation agenda, in line with the Ghana Beyond Aid vision,” he said
“Mr Speaker as you can see, we have not imposed any new taxes,” he added.
The 2020 Budget Statement and Economic Policy was on the theme: “Consolidating the gains for growth, jobs and prosperity for all.”