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2017 budget likely to be presented on March 3

Government is preparing to present its 2017 Budget and Economic Policy to parliament on March 3 barring any changes.

Finance Minister Ken Ofori-Atta who disclosed this to JOYBUSINESS says the ministry together with the Economic Management Team is working hard to complete ongoing budget hearings to meet the proposed date for the budget presentation.

He says they are hoping to finalise a forensic audit of the fiscal accounts to ensure that the budget gives the true state of the economy and the country’s finances.

According to the him, the 2017 Budget will introduce policies that will help rationalize public expenditure, strengthen contract management and realign statutory funds for a priority project.

Mr. Ofori-Atta earlier told JOYBUSINESS some taxes that has been described as “Nuisance Taxes” by Senior minister Yaw Osafo Marfo, would be removed when he presents the 2017 budget to parliament.

Some of the taxes that Mr. Osofo-Marfo has identified as “Nuisance” includes the 17.5 percent Value Added Tax (VAT) on financial services, some import duties and withholding tax.

Mr Ken Ofori Atta at a recent engagement with journalists in Accra also promised that corporate taxes would be reduced adding, further rationalisation of the taxes will be outlined in the budget.

JOYBUSINESS understands the 2017 economic policy of government could also see the minister review tax exemptions granted to businesses and individuals.

This is one of the strategies, JOYBUSINESS understands government is considering to help address the expected shortfall in revenue as a result of the planned tax cuts.

It is also looking forward to fast-tracking the implementation of the National Identification Card that will also aid, efforts to improve tax compliance.

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