Parliament has passed the Tax Amnesty Bill as part of plans to improve voluntary tax compliance before it adjourned sitting.
The Bill, if assented to by the President, will grant amnesty by readjusting the penalty to be paid by persons who fail to register with the Commissioner-General or file tax returns or pay their taxes as required by law.
Speaking on the bill, a Deputy Minister of Finance, Kwaku Kwarteng was confident the move should help in meeting the government’s revenue target for the year.
“This Tax Amnesty is supplementary to the efforts that government intends to make in 2018 to ensure that the revenue projections in the 2018 budget are achieved”.
“This House[parliament] graciously approved many tax compliance measures which were in the 2018 budget . It must not be made to look as though this amnesty is the only measure we will implement in 2018,” he said.
The Tax Amnesty Bill is in line with governments’ policy to reduce taxes on production in order to lower the cost of production and through that increase financial liquidity for the productive sectors of the economy and thus accelerate growth of the private sector and its capacity to generate jobs.