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Nana Akufo-Addo, the new President of Ghana, announced at his inauguration ceremony that he is planning to improve the environment for business by reducing taxes and simplifying regulations.
He said he will seek to ensure that Ghana is again open for business and said the Government will meanwhile scrutinize its expenditures to ensure that spending is efficient.
A year ago, Ghana's fiscal policy focus was on budget consolidation. In a consultation with the International Monetary Fund in January 2016, the Government discussed its plans to strengthen the country's tax rules and mechanisms, including in the area of transfer pricing, to ensure tax compliance and broaden the tax base.
This included the introduction of a new Income Tax Act, which established new definitions for chargeable income and clarified the deductions and allowances available. Further, the Government had proposed legislation to preclude government ministries, departments, or agencies from negotiating contracts that grant tax exemptions without approval from the Ministry of Finance.
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