Inaugural Meeting of Tax Policy Consultative Group held.

Hon. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning has innuagurated a Tax Policy Consultative Group of the Tax Policy Unit (TPU) of the Ministry.

The consultative Group which is made up of the Tax Policy Unit of the Ministry and representative from the private sector and tax experts has been formed to deepen the consultative approach to the identification, analysis, implementation and evaluation of tax policies.

Inaugurating it, the Minister commended the TPU for initiating actions towards the development of tax policy proposals in the 2007 budget.

“Significantly, work on a major government decision to shift from the ad valorem excise duty to specific excise duty rates with its corresponding legislation has been completed. This was promulgated by Parliament, duly assented to by the President of the Republic”, he said.

He also noted that work on the review of import exemptions is in advance stage and may be completed for mention in the 2008 budget.

Present were staff of the TPU and PARD, representatives of the Association of Ghana Industries, the Ghana National Chamber of Commerce and Industry, Freezones Board, GTZ, Customs Excise and Preventive Service, Revenue Agencies Governing Board, Charted Institute of Taxation, Ghana Investment Promotion Centre, IRS and VAT.

Dr. Joe Amoako-Tuffour a consultant made a presentation on tax issues in Ghana and the way forward for the TPU and the Consultative Group.

The Tax Policy Unit was set up in July 2006 within the Policy Analysis Unit of the Ministry of Finance and Economic Planning. It functions among others include;

• To develop and propose taxation policy and advise the Minister of Finance and Economic Planning
• Identify policy issues and alternatives, analyse same and develop appropriate tas legislation
• Build database for research and formulation of taxation policy
• Monitor and analyse the revenue effects, the economic impacts and distributional consequences of changes in tax policy and;
• Work in conjunction with the revenue agencies to educate the public on taxation issues.