{"id":305973,"date":"2017-03-28T22:36:55","date_gmt":"2017-03-28T22:36:55","guid":{"rendered":"http:\/\/citifmonline.com\/?p=305973"},"modified":"2017-03-28T22:36:55","modified_gmt":"2017-03-28T22:36:55","slug":"1-district-1-factory-under-threat-by-withdrawal-of-tax-exemptions","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/03\/1-district-1-factory-under-threat-by-withdrawal-of-tax-exemptions\/","title":{"rendered":"1-district, 1 factory under threat by withdrawal of tax exemptions?"},"content":{"rendered":"
There are fears that government\u2019s decision to withdraw legitimately and lawfully granted tax exemptions from strategic investing companies in Ghana, could threaten the Government\u2019s industrialization agenda if it is not reversed.<\/p>\n
The worry is that the move could lead to a massive drop in the inflow of strategic investments into the country, and has the potential of scaring away existing strategic investors with the end result being a drop in economic activity and job creation.<\/p>\n
Minister for Finance, Ken Ofori-Atta, has breached article 174(2) of the 1992 constitution, GIPC Act 2013 (865) as well as inter-country protocols on trade and investments through the withdrawal of tax exemptions from strategic investing companies in Ghana.<\/p>\n
This was confirmed by Kweku Kwarteng, Deputy Minister Nominee for finance during his vetting in parliament today [Tuesday].<\/p>\n
Government through the Minister for Finance has written to withdraw legitimately and lawfully granted tax exemptions from strategic investing companies in Ghana – a move which completely shoots down the one district one factory policy which is aimed at bringing strategic investors into all districts of the country to create employment and economic development.<\/p>\n
Many strategic investors have chosen Ghana ahead of its West African neighbours because of the tax exemption incentive through the Ghana investment promotion Act. 2013.<\/p>\n
According to Kwaku Kwarteng, who is also MP for Obuasi West, the move by government is intended to deal with irregularities in the exemptions regime.<\/p>\n