Business in Ghana

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Why Government of Ghana Must Implement New Taxes in 2012

Posted by Business in Ghana on June 5, 2012

By Alhassan Atta-Quayson, TWN-Africa, Source: NCOM Newsletter Volume 2.1

In October, 2011, the government of Ghana made a promise that it will increase profit tax paid by mining companies, collect _windfall profit_ tax, and implement a uniform regime for capital allowance of 20% for five years. The government deemed these as some of the steps required to obtain a fair share from the benefits of the country_s non-renewable mineral resources. Given the government_s own concession that _the economic and social benefits that the sector provides are not commensurate with our expectations_, the anticipation has been that those initiatives were going to be implemented fully and in a timely manner. While the budget was approved a few weeks after its presentation, regulations to back these mining sector initiatives are yet to be tabled in Parliament for discussion and approval. It is even reported in the media (such as Ghana_s TV3 Network) that the government has, altogether, shelved the initiatives, at least for the year 2012 when they are most needed. Read the rest of this entry »

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