Accra, Aug. 06 GNA- Parliament has passed the Income Tax (Amended) Bill, 2022 to amend the Income Tax Act, 2015 (Act 896) to extend the exemption from tax of gains on the realisation of shares listed on the Ghana Stock Exchange for five years.
Mr Kwaku
Kwarteng, the Chairman of the Finance Committee of Parliament moved for the
adoption of the Income Tax (Amended) Bill, 2022 and was seconded by Dr Cassiel
Ato Forson, the Ranking Member of the Committee.
Among the
objectives, the Bill would extend the concession for Income Tax Stamp and
Vehicles Income Tax systems to the end of December 2022.
The Income
Tax (Amended) Bill, 2022, which was first presented to Parliament and read for
the first time on Tuesday, July 26, 2022, was referred by Mr Alban
Bagbin, Speaker of Parliament for consideration and report by the 1992
Constitution and the Standing Orders of Parliament.
However, the
Finance Committee met and determined that the Bill was urgent and, therefore,
certified that it ought to be taken through all the stages of passage in one
day by Article 106 (13) of the 1992 Constitution and Order 119 of the Standing
Orders of Parliament.
“Clause 2
amends the sixth schedule of Act 896 by providing for the suspension of
quarterly income tax instalment payments for the seated categories of persons
for the first, second, third and fourth quarters of 2022,” it said.
Mr Kwarteng
told parliament that after careful consideration, the Committee was of the view
that the Bill was in the right direction as it sought to make the Ghana Stock
Exchange attractive and to further provide some relief to businesses and
transport operators (Trotro drivers).
“Mr Speaker,
the Committee, therefore, recommends to the House to adopt its Report and pass
the Income Tax (Amendment) Bill 2022 by the 1992 Constitution and the Standing
Orders of the House,” he said.
The Committee
also observed that as part of additional measures to provide some relief to the
more vulnerable members of society, the government also suspended quarterly
income tax instalments payments for small businesses using the Income Tax Stamp
system and for trotro drivers using the Vehicle Income Tax System for the
second, third and fourth quarters of 2021.
Parliament on
Friday, July 22 also passed the Tax Exemptions Bill, 2022, to regulate the
application of tax exemptions and other exemptions and to provide for related
matters.
Source: GNA