No Increase In Tax Bill; Finance Ministry

16 Dec 2010 3970 news, business
Deputy Finance Minister-Seth Terkper The Finance Ministry has emphasized that the proposed Tax Bill comes with no new increases in the taxes but only a restoration of that which existed some years back. The Ministry said Government indicated its plans of implementing such initiatives as part of its tax reforms measures to boost revenue generation. However, there have been concerns raised some by Civil society Group. He said the Alliance for Accountable Governance (AFAG) in a press conference on Wednesday December 16th; the Group outlined several proposed tax increases with some as high as 500 percent. This the group says rather has serious negative implications for the country’s economic growth. But the Deputy Finance Minister, Seth Terkper has dismissed the concerns saying the Tax Bill is rather yet to be passed by parliament and has no such increases. He said the rates are not different from 2007 rates but it is a restoration of duties that parliament removed from rice and other products in 2008 when it realized the prices were shooting up He indicated that it is just the restoration of old status code and there are no increases in taxes involve; but if the situation should change next year microcrom policies dynamic we will consider the issue and go back to parliament as to when its appropriate.

Source: Citifmonline.com