Deputy Finance Minister Dr. Alex Ampaabeng has assured that the upcoming mid-year budget will not include new taxes. This declaration addresses the c
Deputy Finance Minister Dr. Alex Ampaabeng has assured that the upcoming mid-year budget will not include new taxes. This declaration addresses the concerns raised by stakeholders regarding the substantial tax load on businesses and households, and the calls for tax relief to mitigate financial strain.
During an interview on Channel One TV, Dr. Ampaabeng stated that the government has no plans for a supplementary budget, echoing the Finance Minister, Dr. Mohammed Amin Adam’s earlier disclosure.
Dr. Ampaabeng acknowledged that while the government will not impose new taxes, it is looking into different methods to increase revenue. He pointed out that the current tax system holds untapped potential for enhanced revenue collection.
“There are numerous discussions in progress, but what I can assure you, on behalf of my Minister [Dr. Mohammed Amin Adam], is that there will be no new taxes in the upcoming mid-year budget. Nonetheless, we are examining all possible ways to improve revenue,” he remarked.
He highlighted the need to boost efficiency, plug gaps in the tax system, and encourage taxpayers to meet their obligations, although he refrained from detailing specific weaknesses.
The finance minister is slated to present the mid-year budget review to Parliament in either July or August.