2021 Budget: Is there ever a good time for taxes? – Ofori Atta asks

The Minister Designate for Finance, Ken Ofori Atta, has revealed that there is never a good time for the introduction of taxes. The Majority Leader stood in for Finance Minister-designate Ken Ofori Atta, who had travelled to the United States to seek medical attention for post Covid-19 complications as at the time for the reading of the budget. Reading the 2021 budget in Parliament Majority leader and the Minister of Parliamentary Affairs, Osei Kyei Mensah Bonsu, said government is set to introduce new taxes, including a Covid-19 Health Levy, an increase in a road toll, a gaming tax, NHIS and VAT flat rate to go up by 1% each, and a 5% extra income tax for the banks. “Gaming has become a major income earner all across the globe. The influx of online betting and automation of the once totally manual process has changed the character of revenue sources from that industry. The Ministry of Finance and the Ministry for the Interior will co-supervise the gaming industry and will soon consult with stakeholders to formulate a comprehensive policy to improve revenue mobilization from this source”, Osei Kyei Mensah Bonsu told Parliament. Speaking to the Appointments Committee of Parliament, Ken Ofori Atta said there will never be a good time for the introduction of taxes by any government. He mentioned that he was optimistic the Akufo-Addo led government will use the taxes to enhance productivity and growth as an economy. “Is there ever a good time for taxes? I’m not sure anybody will ever say. I believe we will use the taxes to enhance productivity and growth as an economy”, he added. Source:mynewsgh

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