The Minister of Finance, Ken Ofori-Atta, on Monday called for the withdrawal of the Luxury Vehicles Tax from the tax regime of the country.
He said Government had considered suggestions from the general public on the implementation of the tax, which it introduced in 2018, to raise more revenue.
Mr. Ofori-Atta made this known in the presentation of the Mid-Year Fiscal Policy Review of the 2019, Budget Statement and Economic Policy & Supplementary Estimates in Parliament in Accra.
He said the Government will continue to improve compliance, expand the tax net and explore other innovative sources of raising revenue.
Mr. Ofori-Atta said revenue measures were being pursued vigorously to ensure that the revised Domestic revenue target for 2019, which is estimated at GHC8.3 million, was not compromised.
He said the measures include; the sale of an Electromagnetic Spectrum, Telco’s Licenses renewal, gains to be derived from the realisation of assets and mineral rights, and strengthening of compliance at the ports among others.
The Finance Minister said as part of Government’s resolve to ensure that the 2019 Budget was implemented as planned, the Government was proposing again that the Energy Sector Levies Act, 2015 (Act 899) be restructured and rationalised to consolidate all the revenue legislation relating to the energy sector into one law.
He said Government was proposing an upward adjustment in the Road Fund Levy, the Energy Debt Recovery Levy, and the Price Stabilisation and Recovery Levy to bring the ratios close to 21 per cent to help bridge the financing requirements.
The Minister proposed to increase the Communication Service Tax, introduced in 2008 to nine per cent, to develop the foundation for the creation of a viable technology ecosystem in the country.
He added that the increment will comprise amongst others, putting in systems to identify and combat cybercrime, protect users of information technology and combat money laundering and other financial crimes.
GNA
