Ashanti Regional Chairman of the New Patriotic Party has lashed out at the previous National Democratic Congress (NDC) administration describing them as bad ‘political chefs’ who didn’t know much about the vital nutrients needed to grow Ghana’s economy.
Aside the lies which became their “devotional guides”, Mr. Bernard Antwi Boasiako claims the economic team of the previous administration always ended up drafting budget statements that was as sick as a “kwashiorkor” patient.
According to HealthLine, kwashiorkor is a form of malnutrition caused by a lack of protein in the diet. People suffering from kwashiorkor typically have an extremely emaciated appearance in all body parts except their ankles, feet, and belly, which swell with fluid.
The above explanation given was how Ghana looked like under the NDC, Mr. Bernard Antwi Boasiako also known as Chairman Wontumi underscored.
In an interview with Peacefmonline.com shortly after current Finance Minister, Ken Ofori-Atta read the 2017 budget statement in Parliament today, Mr. Antwi Boasiako, praised the new NPP government for preparing a statement that gives hope to businessmen whose business suffered a terrible dip in form under the NDC.
“There is joy everywhere and the feeling is just like when we won the 2016 elections. People have faith in us because they know it is practical for us to abolish duties on the importation of spare parts.
The NPP’s economic team led by Vice President Bawumia have done exceptionally well and we also have to congratulate Ken Ofori-Atta for the good job he did at Parliament today”, he said.
As part of several measures being considered to protect and enhance the public purse, the Finance Minister has indicated that the Nana Akufo-Addo administration will reduce tax exemptions and also broaden the tax base.
Outlining policy initiatives aimed at energising the private sector during the presentation of the 2017 budget statement, Mr Ofori- Atta revealed that government intends abolishing and or reviewing 12 tax elements, including abolishing duties on the importation of spare parts.
The minister stated that: “Mr. Speaker, a number of tax measures have been introduced in recent years in an attempt to deal with revenue shortfalls. Some have proven to be nuisance taxes. They have low revenue yielding potential and at the same time impose a significant burden on the private sector and on the average Ghanaian. As part of our commitment to reenergize the private sector, Government has decided to review these taxes to provide relief for businesses. The following specific measures shall be implemented in the short to medium term:
* abolish the 1 percent Special Import Levy;
* abolish the 17.5 percent VAT/NHIL on financial services;
* abolish the 17.5 percent VAT/NHIL on selected imported medicines, that are not produced locally;
* initiate steps to remove import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol;
* abolish the 17.5 percent VAT/NHIL on domestic airline tickets;
* abolish the 5 percent VAT/NHIL on Real Estate sales;
* abolish excise duty on petroleum;
* reduce special petroleum tax rate from 17.5 percent to 15 percent;
* abolish duty on the importation of spare parts;
* abolish levies imposed on kayayei by local authorities;[ES1]
* exempt from taxation, the gains from realisation of securities listed on the Ghana Stock Exchange or publicly held securities approved by the Securities and Exchange Commission (SEC);
* reduce National Electrification Scheme Levy from 5 percent to 3 percent;
* reduce Public Lighting Levy from 5 percent to 2 percent;
* replace the 17.5 VAT/NHIL rate with a flat rate of 3 percent for traders; and
* implement tax credits and other incentives for businesses that hire young graduates.
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