PwC 2018 Budget Highlights

24-11-2017

PwC 2018 Budget Highlights

Last Wednesday, our Premium Member PwC organised the Pwc 2018 Budget Highlights “ Putting Ghana Back to Work” at the Movenpick Ambassador Hotel. After a Welcome address by PwC Country Senior partner, Vish Ashiagbor, there was a presentation of the overview of the budget Highlights by PwC Associate Director, Abeku Gyan-Quansah, followed  by comments from Hon Ken Ofori-Atta, Minister of Finance. Subsequently he was invited to take part in an open forum with Fatima Alimohamed, Vice Chair of AGI Agric , Dr. Eric Osei-Assibey from the University of Ghana and Ayesha Bedwei from PwC Ghana to answer question from the audience.

It was an interesting discussion where the government was lauded for the steps to lower electricity prices although there was general disappointment about the lost opportunity to reduce the corporate tax. It was also discussed that the government should implement tax advantages when companies change over to renewable energy. The audience liked the suggestion that every Minister should publish and put in his personal income tax returns to be transparent towards the populace to be a good role model for them. Again the government was called to reconsider the VAT Flat Rate Scheme (VFRS) because it was besides the goal; it actually meant to widen the tax net directed towards people / traders who earn below a certain threshold in mostly the informal sector, it has now become a general measure to increase the tax burden directed towards all retailers. Also the special 2%  import levy remains in place although this was promised to end. If Ghana really wants to increase access to finance they should bring down the percentages to borrow money with banks,. Finally it was mentioned that a number of big taxpayers such as the mining companies and their suppliers are unfairly treated due to the sudden withdrawal of exemptions by customs etc.

Find attached the 2018 highlights in an overview and a picture taken from the audience.

For comments: tjalling@gnbcc.net

 

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