A tax expert says that in spite of the concerns expressed by many Ghanaians about the 2024 budget, it has some benefits.
According to Eric Amponsah Boateng, the fact that no new taxes were introduced in the statement is a positive move that deserves commendation.
He made these remarks at the Graphic Business/Stanbic Bank Breakfast Meeting at the Labadi Beach Hotel, where panelists are discussing “Fiscal Discipline: Breaking the political business cycle in 2024”.
The expert stated that the Value Added Tax (VAT) on commercial properties has been decreased from 15% to 5%, and import duties have been waived on raw materials for the local manufacturers of sanitary pads and African wax print.
According to Mr. Eric Amponsah Boateng, this move is going to boost the economy.
“I think that yes, it is going to boost the economy because at least there is a breathing space for them”.
Speaking on Tuesday, November 21, he suggested that the government introduce tax incentives that would help the local industries to grow.
He further added that the country’s import exceeds its exports which implies an increase in deficit resulting in the country not doing well.
“If you are the type of economy where your imports always exceed your exports, then what it means is that the deficit is always going to increase, and once your deficit increases, then it means that the economy is not doing well”.