Parliament approves $38.66m tax waiver for Ghana Bauxite Company in equity conversion
Parliament has applauded the government’s new tax relief arrangement in the Exemptions Act 2022 (Act 1083), which allows the State to convert taxes into equity. The legislature approved a US$38.66 million tax waiver for Import Duties, Import VAT, Import NHIL, Import GETFund Levy, Exim Levy, Special Import Levy, and other fiscal reliefs on materials and equipment imported by the Ghana Bauxite Company (GBC) as a strategic investor. According to the Finance Committee report on the tax reliefs, GBC, as a strategic partner, has agreed to grant the State a commensurate equity in the company’s project. During the approval of the...
