Mid-year Budget: Gov’t won’t introduction any new taxes – Dr. Ampaabeng

In an effort to assuage concerns over the nation’s tax burden, Deputy Finance Minister Dr Alex Ampaabeng has assured the public that the forthcoming mid-year budget will not introduce new taxes.

This announcement follows significant apprehension from business owners, who have been vocal in their calls for tax reductions to alleviate financial strain.

During an interview with Channel One TV on June 12, Dr Ampaabeng reiterated the government’s position, initially outlined by Finance Minister Dr Mohammed Amin Adam, confirming that there will be no supplementary budget.

Instead, the government is set to focus on alternative strategies to bolster revenue streams.

Dr Ampaabeng further underscored the substantial opportunities within the existing tax framework that could be harnessed for enhanced revenue collection.

“There are a lot of conversations ongoing, but one thing I can say on behalf of my Minister [Dr Mohammed Amin Adam] is that there won’t be new taxes in this mid-year budget. But, going forward, we are looking for all avenues to make sure that we enhance revenue,” he stated.

The Deputy Finance Minister further elaborated on the need for improved efficiency and the rectification of tax system leakages.

“I believe there are a lot of opportunities within the tax system for us to rake in revenue. It’s about improving efficiency. It’s about dealing with leakages in the tax system, it’s about engaging the taxpayers to accept responsibilities. There are leakages, but I don’t want to pre-empt anything,” he added.

This move signals the government’s commitment to optimizing current tax mechanisms and engaging more effectively with taxpayers, aiming to increase revenue without exacerbating the financial burden on businesses and households.

Source: Norvanreports