{"id":351386,"date":"2017-09-07T08:15:35","date_gmt":"2017-09-07T08:15:35","guid":{"rendered":"http:\/\/citifmonline.com\/?p=351386"},"modified":"2017-11-10T12:04:14","modified_gmt":"2017-11-10T12:04:14","slug":"corporate-tax-to-be-slashed-from-next-year","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=351386","title":{"rendered":"Corporate tax to be slashed from next year"},"content":{"rendered":"<p>Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018).<\/p>\n<p>The corporate tax is expected to be reduced to twenty percent eventually.<\/p>\n<p>It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget.<\/p>\n<p>This is also part of the tax cuts which was key among the numerous promises by the New Patriotic Party (NPP) ahead of the 2016 general elections.<\/p>\n<p>Mr. Ken Ofori Atta maintains that diversifying tax revenue streams should\u00a0<span style=\"color: #800080;\"><strong><a style=\"color: #800080;\" href=\"http:\/\/citifmonline.com\/2017\/05\/23\/govt-to-slash-corporate-taxes-to-20-in-2018-alan-kyerematen\/\" target=\"_blank\">prevent the overconcentration<\/a><\/strong><\/span>\u00a0on Corporate Income Taxes (CIT).<\/p>\n<p>\u201cHow do you then tap enough people to contribute so that you do not need to focus on corporate income tax as a main source of revenue\u2026We are considering reduction in a number of taxes and the Corporate Income Tax is one of them,\u201d he explained.<\/p>\n<p>Upon assuming office, the NPP government has\u00a0<span style=\"color: #800080;\"><strong><a style=\"color: #800080;\" href=\"http:\/\/citifmonline.com\/2017\/03\/02\/list-of-taxes-abolished-and-reviewed-by-govt\/\" target=\"_blank\">reviewed about fifteen (15)\u00a0taxes<\/a><\/strong><\/span>.<\/p>\n<p>In the government\u2019s first budget, eleven\u00a0taxes which were viewed as nuisance; were slashed.<\/p>\n<p>In addition, four others were reviewed downwards in a bid to relieve the plight of taxpayers and ensuring equity.<\/p>\n<p>Meanwhile Mr. Ken Ofori Atta has disclosed to\u00a0<strong>Citi Business News<\/strong>\u00a0his outfit will embark on an effort to renew the revenue collection from property taxes.<\/p>\n<p>This he also believes will be highly achieved with the implementation of the national ID system.<\/p>\n<p>\u201cWe are clear on the philosophy of taxes which is to reduce taxes to create economic spaces for people to operate\u2026a corollary of that is also being able to expand the tax net and that is where the national ID becomes an important instrument,\u201d he asserted.<\/p>\n<p>Mr. Ofori Atta added, \u201cFor example our property tax system is non-existent and that is an area that we intend to look at. But our mission more will be to reduce the import of taxes on productive sectors of the economy.\u201d<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"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":[32,171,11],"tags":[],"class_list":["post-351386","post","type-post","status-publish","format-standard","hentry","category-business","category-local-economy","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/351386","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=351386"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/351386\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=351386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=351386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=351386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}