A Tax Consultant for PKF, Mr. Eric Amponsah Boateng says despite the fact that many Ghanaians have expressed concerns about the 2024 Budget, it has some benefits. According to him, no new taxes were introduced in the budget, and this is a positive that deserves some attention. He argued that the Value Added Tax (VAT) on commercial properties has been decreased from 15% to 5%, and import duties have been waived on raw materials for manufacturers of sanitary pads and African wax print. This, according to Mr. Amponsah, is going to boost the economy.
“I think that yes, it is going to boost the economy because at least there is a breathing space for them”.
Speaking on the Joy News, AM Show, he suggested that the government introduce tax incentives that would help the local industries to grow. He added that the country's import exceeds its exports, which implies an increase in deficit resulting in the country not doing well.
“If you are the type of economy where your imports always exceed your exports, then what it means is that the deficit is always going to increase, and once your deficit increases, then it means that the economy is not doing well”.
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