{"id":244335,"date":"2016-08-31T02:00:25","date_gmt":"2016-08-31T02:00:25","guid":{"rendered":"http:\/\/citifmonline.com\/?p=244335"},"modified":"2016-08-31T02:00:25","modified_gmt":"2016-08-31T02:00:25","slug":"govt-may-withdraw-fiscal-stabilization-levy-in-2017","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=244335","title":{"rendered":"Govt may withdraw fiscal stabilization levy in 2017"},"content":{"rendered":"<p>The Ministry of Finance is working to withdrawal the National Reconstruction Levy which imposes 5 percent pretax on profits of some businesses by next year,&#8221;\u00a0<strong>Citi Business News<\/strong> has learnt.<\/p>\n<p>The Levy which is also known as Fiscal Stabilization levy has been heavily criticized as a disincentive to the growth of businesses in the country.<\/p>\n<p>Government introduced the levy on July 15, 2013 to help reduce Ghana\u2019s growing deficit.<\/p>\n<p>The categories of companies selected to pay this special tax include telecom service providers, banks, non-banking financial institutions, insurance companies, breweries, and shipping lines, among others.<\/p>\n<p>Speaking to <strong>Citi Business News<\/strong>, Tax Consultant Ali Nakyea Abdallah maintained that the removal of the levy was long overdue since it hinders private businesses from expanding.<\/p>\n<p>\u201cWhat I hear is that come 2017 they are going to remove all the other levies that used to exist, for example the National Reconstruction Levy that is 5 percent of the pretax profit of companies,\u201d he said.<\/p>\n<p>He maintained that since the introduction of the levy three years ago, companies in the country have expressed disaffection to the levy since it unnecessarily reduces the profit of businesses.<\/p>\n<p>\u201cWe hoping and praying that when it is removed or repealed it will ease the burden on businesses in the country to create more employment,\u201d he said.<\/p>\n<p>Citing some of the complains that greeted the levy, Mr. Abdallah argued that the services sector of the economy was heavily hit affecting \u00a0their exponential growth.<\/p>\n<p>He stated that it is pertinent for government to listen to the \u2018cry\u2019 of businesses in the country since such levies put undue pressure on their operations.<\/p>\n<p>&#8211;<\/p>\n<p>By: Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Finance is working to withdrawal the National Reconstruction Levy which imposes 5 percent pretax on profits of some businesses by next year,&#8221;\u00a0Citi Business News has learnt. The Levy which is also known as Fiscal Stabilization levy has been heavily criticized as a disincentive to the growth of businesses in the country. Government [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":215954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,171],"tags":[],"class_list":["post-244335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance","category-business","category-local-economy"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/244335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=244335"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/244335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/215954"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=244335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=244335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=244335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}