President of the Ghana National Chamber of Commerce and Industry, Nana Dr. Appiagyei Dankawoso I, has said his outfit welcomes government’s decision not to introduce new taxes in the 2020 budget.
“The GNCCI validates the macro-economic gains made over the years and government’s commitment to consolidate these gains which is critical for private sector growth…In particular the GNCCI welcomes government’s announcement of no new taxes in the 2020 budget which is assuring for the private sector,” Dr. Dankawoso I said at the third Chamber of Commerce Awards 2018.
The Chamber Business Awards is designed to acknowledge and celebrate businesses and personalities who have demonstrated excellence in business practice.
The theme for this year’s award is, “Digitizing the Ghanaian Economy for Competitive Edge in Globalized Markets” with vice president Dr. Bawumia being the guest of honor. He was honored for his contribution towards the business community and had an honorary membership conferred on him as a member of the GNCCI.
The Vice President stated that government will leverage on technology to transform the Ghanaian economy as part of its digitization agenda.
“We’re very optimistic about Ghana’s future. In another three years, we will be leaving in a completely digitized economy, a completely different economy, a transformed economy, a modernized economy”.
The awards came in the category of Special Personality Awards, Special Corporate Awards and Regional Awards, with Citi FM being honored with a special award for its contribution towards the campaign for the consumption of local rice.
Mr. Samuel Amo Tobbin of Tobinco Pharmaceuticals emerged as the Business Man of the Year, with Mrs. Janet Anane of Gentle Giants Limited emerging as the Chamber Business Woman of the year.
The 2020 budget, presented 13 November 2019, does not propose any new taxes, but would extend the national fiscal stabilization levy (NFSL) at a rate of 5%, and the special import levy (SIL) at a rate of 2% for five years through 2024.
Other tax-related items proposed in the 2020 budget include:
Adjustments to the bands of individual income tax, Review of individual (personal) tax-relief measures relating to provisions such as child education and old age, repeal of value added tax (VAT) on management fees relating to private equity, venture capital, and mutual funds . There are also proposals for legislative review of current tax legislation and for updates to existing transfer pricing regulations, the introduction of revenue administration regulations, and “abridged” versions of major tax laws.
Another item for review is legislation to regulate the taxation of e-services.
By Emmanuel Amewugah, Daily Mail GH