Seth Terkper, Former Finance Minister
Seth Terkper, Former Finance Minister, has cast doubts over the gov’t’s ability to meet potential revenue deficits following some tax cuts.
He argues that government will also be compelled to alternative to cutting down on some critical expenditure to make up for the shortfall.
“It appears that the Minister seems to have shifted the debate to the middle because he is the one who is going to face reality… Seth Terkper quizzed how do you finance free SHS, how do you finance the one billion US dollars for the constituencies?”
He added that we are told that some monies will be taken from the District Assemblies; the very ones that are going to be losing their revenue base. So they are very hard choices and it’s up to the Minister of Finance in consultation with the President and cabinet to show reality.
Ken Ofori Atta Finance Minister announced during the budget presentation on Thursday, that about 8 taxes that will be abolished whilst 4 others will be reviewed.
The taxes to be abolished include the 1 % special import levy and the 17.5% VAT on financial services and domestic air tickets. The move has been met with excitement from the affected sectors are so excited by the move from the government.
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