{"id":187953,"date":"2016-02-08T09:57:17","date_gmt":"2016-02-08T09:57:17","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=187953"},"modified":"2016-02-08T09:57:17","modified_gmt":"2016-02-08T09:57:17","slug":"finance-ministry-supports-imf-on-eliminating-tax-exemptions","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/02\/finance-ministry-supports-imf-on-eliminating-tax-exemptions\/","title":{"rendered":"Finance Ministry supports IMF on eliminating tax exemptions"},"content":{"rendered":"<p style=\"text-align: justify;\">The Finance Ministry has backed calls by the IMF for an elimination of tax exemptions in the country\u2019s tax laws.<\/p>\n<p style=\"text-align: justify;\">Although the Ministry says a complete elimination may not be possible, it believes the country must renegotiate some of its tax exemption policies in bid to ensure fiscal consolidation.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;LI1b6yhXtUh3Dw9JAhBh9geWblzkU0Td&#8221;]Deputy Managing Director of the IMF, Min Zhu last week recommended that Ghana <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/business.citifmonline.com\/2016\/02\/03\/ghana-must-eliminate-tax-exemptions-imf\/\" target=\"_blank\">eliminates tax exemption<\/a><\/strong><\/span> saying it has impacted heavily on the country\u2019s revenue target.<\/p>\n<p style=\"text-align: justify;\">A tax analyst, Abdallah Ali Nakyea in an interview with <strong>Citi Business News<\/strong> also <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/business.citifmonline.com\/2016\/02\/04\/total-elimination-of-tax-exemptions-unattainable-tax-analyst\/\" target=\"_blank\">cast doubt<\/a><\/strong><\/span> at a complete elimination.<\/p>\n<p style=\"text-align: justify;\">Head of tax policy unit at the Finance Ministry, Anthony Dzadzra, however tells <strong>Citi Business News<\/strong>, the development is as a result of growing concerns which always shoots down government\u2019s efforts at eliminating some tax exemption policies.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are also saying that it\u2019s high time we reduce exemptions in Ghana. When we talk about exemptions, we are not talking about only import duties; we are also talking about income tax. So in 592, incomes from interest paid to an individual by a resident financial institution or to an individual on bonds issued by the government of Ghana were exempt,\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cTo reduce these exemptions, that is why we placed 1% on interests in this new law (ACT 896). So we really understand what the Managing Director of IMF is saying. As a country, it\u2019s high time we reduce exemptions not only on import duties, but also on income.\u201d Anthony Dzadzra stated.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Pius Amihere Eduku\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Ministry has backed calls by the IMF for an elimination of tax exemptions in the country\u2019s tax laws. Although the Ministry says a complete elimination may not be possible, it believes the country must renegotiate some of its tax exemption policies in bid to ensure fiscal consolidation. [contextly_sidebar id=&#8221;LI1b6yhXtUh3Dw9JAhBh9geWblzkU0Td&#8221;]Deputy Managing Director of the [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance Ministry supports IMF on eliminating tax exemptions - Citi 97.3 FM - Relevant Radio. 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