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Ghana Looks To Restrain Import Duty Exemptions

by Lorys Charalambous, Tax-News.com, Cyprus

27 July 2015


Edward Larbi-Siaw, an adviser to Ghana's Minister of Finance, has aired concerns that the increasing number of import duty exemptions will diminish the nation's tax revenue growth.

During the first half of 2015, the value of import duty exemptions doubled to nearly GHS4.2bn (USD1.25bn), up from only GHS2.1bn in the same period of 2014.

As the Government is looking to mobilize all possible revenue to reduce Ghana's fiscal deficit, exemptions granted to importers are now being examined to ensure their "value for money," he said. It is expected that their rationalization will be discussed shortly in Parliament.

Earlier, in return for a three-year loan from the International Monetary Fund, the Government committed to making further improvements in the area of revenue collection and to a review of existing concessions to broaden the tax base.

TAGS: tax | ministry of finance | tax breaks | import duty | Ghana

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