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There won’t be new taxes in 2024 mid-year budget – Deputy Finance Minister

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The Deputy Finance Minister, Dr. Alex Ampaabeng, has given indication that the government will not introduce new taxes in the upcoming mid-year budget.

Stakeholders have voiced concerns about the numerous taxes burdening businesses and households, calling for the elimination of some to ease their financial strain.

In an interview with Bernard Avle on The Point of View on Channel One TV, Dr. Ampaabeng stated that the government would not request a supplementary budget. This decision, he mentioned, was disclosed by the sector Minister, Dr. Mohammed Amin Adam.

While the government won’t be introducing additional taxes, Dr. Ampaabeng emphasised that they will explore all possible avenues to increase revenue.

He believes there are significant opportunities within the existing tax system that can be leveraged for revenue generation.

However, he did not disclose specific details about the loopholes in the tax system.

“There are lot of conversations ongoing, but one thing I can say on behalf of my Minister [Dr Mohammed Amin Adam] is that there won’t be new taxes in this mid-year budget. But, going forward, we are looking for all avenues to make sure that we enhance revenue.

“I believe there are a lot of opportunities within the tax system for us to rake in revenue. It’s about improving efficiency. It’s about dealing with leakages in the tax system, it’s about engaging the taxpayers to accept responsibilities. There are leakages, but I don’t want to pre-empt anything.”

The mid-year budget review is anticipated to be presented in Parliament by the finance minister in July or August.

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