Finance Minister, Ken Ofori-Atta is set to present the government’s 2020 budget and economic policy to Parliament for approval.
ABC News understands that the budget which is estimated to be over ¢80 billion will cover the cost of government flagship programmes, including Free Senior High School and Planting for Foods and Jobs.
In July this year, the mid-year budget review saw an increase in communication tax and Energy Sector Levy Act, and the approval for tax incentive packages for government’s flagship One-District-One-Factory (1D1F) policy.
The 2020 budget, the fourth under President Nana Addo Dankwa Akufo-Addo since he assumed the reins of government on January 7, 2017, will seek to consolidate the gains made in the last three years by his government.
The budget statement will also see the revision of the present tax exemptions regime, a regime which has cost the country about GH¢10 billion per annum averagely in the last few years.
ABC News has also gathered that as part of the new tax reforms, much emphasis will be on income and property tax as part of the government’s plans to create an improved environment for the private sector to thrive.
The tax measures are however expected to enable the government to meet its revenue targets to help balance its expenditure for the year.
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