{"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\/2017\/09\/corporate-tax-to-be-slashed-from-next-year\/","title":{"rendered":"Corporate tax to be slashed from next year"},"content":{"rendered":"
Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018).<\/p>\n
The corporate tax is expected to be reduced to twenty percent eventually.<\/p>\n
It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget.<\/p>\n
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
Mr. Ken Ofori Atta maintains that diversifying tax revenue streams should\u00a0prevent the overconcentration<\/a><\/strong><\/span>\u00a0on Corporate Income Taxes (CIT).<\/p>\n \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