Deputy Finance Minister Dr. Alex Ampaabeng has confirmed that the government will not introduce new taxes in the forthcoming mid-year budget.
This announcement comes amidst concerns from stakeholders about the heavy tax burden on businesses and households, with calls for some tax relief to alleviate financial pressure.
In an interview on Channel One TV, Dr. Ampaabeng clarified that the government would not seek a supplementary budget, a decision revealed by the Finance Minister, Dr. Mohammed Amin Adam.
While ruling out additional taxes, Dr. Ampaabeng stressed that the government would explore various ways to boost revenue. He noted that there are untapped opportunities within the existing tax system that could be leveraged for better revenue generation.
“There are many discussions ongoing, but one thing I can confirm on behalf of my Minister [Dr. Mohammed Amin Adam] is that there won’t be new taxes in this mid-year budget. However, we are exploring all avenues to enhance revenue,” he said.
Dr. Ampaabeng emphasized the importance of improving efficiency, addressing leakages in the tax system, and engaging with taxpayers to fulfill their responsibilities, though he did not provide specific details on the potential loopholes.
The mid-year budget review is expected to be presented to Parliament by the finance minister in July or August.
Graphic