The Member of Parliament for Akuapem South, Hon. Osei Bonsu Amoah has stated that the urgency with which the Minister of Finance worked to see two of the three separate bills on proposed tax hikes passed, underlines the country’s financial state.
According to him, the coffers of the state have been depleted to the extent that nothing could be done without the much expected 1 billion dollar Euro Bond or price hikes.
“…We are now waiting for the Euro bond to come in before implementing about 80% of the budget proposal. The Euro Bond would have to come in before we can patch pot holes on our roads. Even the purchase of elevators, the running of newly created District Assemblies and the building of offices for MPs in their constituencies, would all be done with the Euro Bond. That explains to you the state of our economy,” he told Adom TV.
Hon. O B Amoah further opined that from the look of things, the government would want to tax everything including breathing, if it had the opportunity because the nation is in dire need of cash.
Parliament on Wednesday gave assent to two of three bills intended to shore up revenues to bridge this year’s budget deficit and raise funds for national development.
The three bills: the National Stabilization Levy; Customs and Excise; and Special Import bill will soon be laid before parliament.
The proposals included the National Fiscal Stabilization Levy Bill and the Special Import Levy Bill.
The National Fiscal Stabilization Levy is expected to enable government to generate revenue topping some Ghȼ88m to support shortfalls in this year’s budget.
The Bill will re-impose a stabilization levy of five percent on profit before tax of selected companies and institutions for a period of 18 months to raise funds for fiscal stabilization of the economy.