Cabinet is deliberating on the final draft of the Tax Exemption Bill, as government pushes for it to be laid in Parliament before the end of this year. 

According to the Minister of State at the Finance Ministry, Charles Adu-Boahen, the bill which is long overdue when passed into law would help government streamline tax exemptions for businesses and foreign investors in the country.

Speaking at the Stanbic Bank-Graphic Business Breakfast Meeting, Mr. Adu Boahen expressed confident that Cabinet will fast-track the bill to get it laid in parliament as soon as possible.

 “With the exemption bill, we are working to get it laid before the reading of the 2020 Budget, because it has been long overdue and the objective is to get it done before 2022.”

“We will lay it before submitting the budget itself by this month and same with the implementation of the property rate. As you can see, some work is ongoing with the digital address systems.”

Meanwhile, Economist at the Economics Department at the University of Ghana, Dr. Priscilla Twumasi Baffuor, is calling on regulatory agencies to support initiatives of the private sector in order to expand and create more employment.

Tax Analyst and Senior Lecturer at the Law School, Dr. Ali-Nakyea also called on government to institute measures that will help reduce the growing rate of youth unemployment.

He proposed innovative ways for government to get its finances on track without further deepening the fiscal challenges within the economy.