President Akufo-Addo has assented into law the 3 new tax bills passed by parliament weeks ago.
This has been revealed by Information Minister. Kojo Oppong Nkrumah.
According to him, the document has since been given to the Clerk of Parliament for the rest of the administrated processes to kick in.
Parliament on Friday, March 31, by a 137-136 majority decision passed the three revenue bills.
READ ALSO: Parliament passes 3 new revenue bills
The bills are the Excise Duty Amendment Bill, Income Tax Amendment Bill, and Growth and Sustainability Amendment Bill.
Parliament were presented to parliament as part of government's plans to raise about GH¢4 billion annually in domestic revenue mobilisation.
The bills are also crucial to aid the government’s quest to facilitate the Board Approval for the $3 billion International Monetary Fund (IMF) Programme staff-level agreement.
The Excise Duty (Amendment) Bill, which will impose a 20 per cent tax on cigarettes and e-smoking devices, as well as sweetened beverages, spirits and wines, is projected to rake in about GH¢400 million annually, while the Income Tax (Amendment) Bill will generate about GH¢1.2 billion.
The Growth and Sustainability (Amendment) Bill, which replaces the National Fiscal Stabilisation Levy that currently imposes a levy on companies operating in selected sectors, is also projected to raise about GH¢2.2 billion.