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ICAG ORGANIZES PUBLIC LECTURE ON THE 2016 NATIONAL BUDGET

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ICAG ORGANIZES PUBLIC LECTURE ON THE 2016 NATIONAL
BUDGET
The President of the Institute of Chartered Accountants (Ghana) (ICAG), Professor Kwame Boasiako Omane-Antwi, has described investments in all sectors of Ghana’s economy—Education, Health, Water delivery, Roads, Transport, Communications, Housing and Energy— as far-reaching and significant.


Prof. Omanne-Antwi, therefore, commended government for its steadfastness in pursuing the economic vision of leading Ghana through a transformational agenda to consolidate the country’s Middle-Income Country status.

He noted that government’s economic performance should be measured against the background of major shocks in the economy, including disruption in gas supply for two-and-a half years and the simultaneous fall in cocoa, gold and crude oil prices, in the last three years.

Prof. Omane-Antwi, however, stressed the need foor government to be mindful of some risks to the 2016 national budget and medium-term macroeconomic projections and the possibility of new risks emerging for which government needed to focus on measures to minimize the adverse impacts of these on the economy.

He was delivering the welcome address at a public lecture organized by ICAG in Accra on Monday.

The theme for the lecture was “Implementing the 2016 National Budget to Consolidate Progress towards a Brighter Medium Term.

Mr Patrick Numo, Director of Budget, Ministry of Finance, in a presentation disclosed that the Ministry had embarked a number of measures aimed at promoting the economic agenda of the country.

These measures, Mr Numo said, included expenditure rationalization, debt management, medium-term low public spending for all Ministries, Departments and Agencies (MDAs) and reducing the cost of services with the introduction of debt servicing strategies.

In a presentation on the tax aspects of the budget, Mr Abdallah Ali-Nakyea of WTS Nakyea & Adebiyi, a firm of tax consultants, commended government for not imposing new taxes, for suspending all agreements in the petroleum sector until the passage of the Petroleum Exploration and Production Bill into law, the amendment of the National Health Insurance Act and the introduction of Excise duty on Tobacco.

Mr Ali-Nakyea said the ECOWAS Common External Tariff (CET) regime was urgently needed and that the passage of the Tax Administration Bill into law was long overdue because it was necessary to complement the administrative aspects of Ghana’s tax laws.

He underscored the importance of a Joint Tax Audit and Investigations Team to conduct investigations into all forms of tax practices, with a view to plugging the loopholes.

He expressed concern at the rate and level of illicit financial outflows from Ghana and Africa, and called for efforts to block such outflows, which he attributed to money laundering, tax evasion and corruption.

Mr Ali-Nakyea said effective financial governance could be promoted and deficiencies in the financial records of government’s equity and loan investment addressed with capacity-building for State-Owned Enterprises (SOEs) and the adoption of standards such as the International Public Sector Accounting Standards.

He called for a study to be conducted on the impact of Value-Added Tax (VAT) on financial services, the extensive use of Point-of-Sale (PoS) devices as means of doing business and the need for a Tax Payer Identification Number for all tax payers.

He described certain categories of tax exemptions as a drain on the economy and stressed the need for the continuous revision of the tax system while acknowledging the relevance of stakeholder consultation on the passage of new tax laws.

Mr Ali-Nakyea said for the Ghana Revenue Authority (GRA) to be able to implement and enforce Act 896, it would require sufficient resources.

Source: ISD (G.D. Zaney)
The President of the Institute of Chartered Accountants (Ghana) (ICAG), Professor Kwame Boasiako Omane-Antwi, has described investments in all sectors of Ghana’s economy—Education, Health, Water delivery, Roads, Transport, Communications, Housing and Energy— as far-reaching and significant.

Prof. Omanne-Antwi, therefore, commended government for its steadfastness in pursuing the economic vision of leading Ghana through a transformational agenda to consolidate the country’s Middle-Income Country status.

He noted that government’s economic performance should be measured against the background of major shocks in the economy, including disruption in gas supply for two-and-a half years and the simultaneous fall in cocoa, gold and crude oil prices, in the last three years.

Prof. Omane-Antwi, however, stressed the need foor government to be mindful of some risks to the 2016 national budget and medium-term macroeconomic projections and the possibility of new risks emerging for which government needed to focus on measures to minimize the adverse impacts of these on the economy.

He was delivering the welcome address at a public lecture organized by ICAG in Accra on Monday.

The theme for the lecture was “Implementing the 2016 National Budget to Consolidate Progress towards a Brighter Medium Term.

Mr Patrick Numo, Director of Budget, Ministry of Finance, in a presentation disclosed that the Ministry had embarked a number of measures aimed at promoting the economic agenda of the country.

These measures, Mr Numo said, included expenditure rationalization, debt management, medium-term low public spending for all Ministries, Departments and Agencies (MDAs) and reducing the cost of services with the introduction of debt servicing strategies.

In a presentation on the tax aspects of the budget, Mr Abdallah Ali-Nakyea of WTS Nakyea & Adebiyi, a firm of tax consultants, commended government for not imposing new taxes, for suspending all agreements in the petroleum sector until the passage of the Petroleum Exploration and Production Bill into law, the amendment of the National Health Insurance Act and the introduction of Excise duty on Tobacco.

Mr Ali-Nakyea said the ECOWAS Common External Tariff (CET) regime was urgently needed and that the passage of the Tax Administration Bill into law was long overdue because it was necessary to complement the administrative aspects of Ghana’s tax laws.

He underscored the importance of a Joint Tax Audit and Investigations Team to conduct investigations into all forms of tax practices, with a view to plugging the loopholes.

He expressed concern at the rate and level of illicit financial outflows from Ghana and Africa, and called for efforts to block such outflows, which he attributed to money laundering, tax evasion and corruption.

Mr Ali-Nakyea said effective financial governance could be promoted and deficiencies in the financial records of government’s equity and loan investment addressed with capacity-building for State-Owned Enterprises (SOEs) and the adoption of standards such as the International Public Sector Accounting Standards.

He called for a study to be conducted on the impact of Value-Added Tax (VAT) on financial services, the extensive use of Point-of-Sale (PoS) devices as means of doing business and the need for a Tax Payer Identification Number for all tax payers.

He described certain categories of tax exemptions as a drain on the economy and stressed the need for the continuous revision of the tax system while acknowledging the relevance of stakeholder consultation on the passage of new tax laws.

Mr Ali-Nakyea said for the Ghana Revenue Authority (GRA) to be able to implement and enforce Act 896, it would require sufficient resources.

Source: ISD (G.D. Zaney)