Minister of Finance and Economic Planning Ken Ofori-Atta has indicated that tax leakages, which have bedevilled the country’s economy, will be substantially plugged. “We are going to be very vigilant,” he said.
Speaking at a KPMG forum to review the 2017 budget, Mr Ofori-Atta stressed: “We have sought to tighten tax leakages.”
Tax cuts as contained in the budget is predicted to affect the government revenue, a situation experts say will leave little for developmental projects. But Mr Ofori-Atta explained that the revenue lost through leakage is more than the cuts.
He announced that strict measures such as reduction in sole-sourcing, for instance, will be adopted to ensure that enough gets to the government chest for use. “It is not just government but we individuals who care so much,” he later said on the sidelines of the forum.
The 2017 budget, which was delivered on March 2, is undergoing deliberations in Parliament for approval.