Financial Minister to deliver mid-year budget review in parliament today

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The Minister of Finance, Kenneth Ofori-Atta, will be in Parliament on Thursday, July 29, 2021, to deliver the mid-year budget review statement and government economic policy, as well as the supplementary estimate for the fiscal year 2021.

This is in accordance with the provisions of the Constitution of 1992. The Minister is expected to provide an update on the government’s physical spending, high debt stock, and the cost of the Coronavirus pandemic.

Director at the Institute of Statistical, Social and Economic Research, Professor Peter Quartey, is asking government to reveal the revenue transactions from January to date. Ahead of the 2021 mid-year budget review, the professor is asking for an increased effort in revenue mobilization and an evaluation of taxes.

Mr.  Quartey said, “we are actually short in revenue that is why government continues to borrow. So for me, a review of the revenue trends from January to now is very important. Also the new taxes that were introduced, is this the point we evaluate those taxes and levy? have they yielded the intended revenue? If not, then we may have to rethink and scrap some of them off?

The Financial Minister, Mr. Ofori-Atta was seeking medical attention in the USA as a result of complications of Covid-19 had suffered earlier.

The 2021 budget proposed the introduction of a Covid-19 Health Levy of one percentage point increase in the National Insurance Levy (NHIL) and one percentage point increase in VAT flat rate to support expenditure related to Covid-19. But the review will not see any new taxes introduced.

“I cannot tell you that there will be no introduction of taxes in the new year budget review”, a Deputy Finance Minister, John Kumah, told media general’s Eric Mawuena Egbeta on Monday, July 26, 2021.

 

Source: 3news.

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