Saturday, 04 September 2010 06:23

An inferno has ignited between Judicial Service and tax authorities over tax deductions from their salaries and other emoluments. The judges and magistrates are crying foul over an attempt by the Internal Revenue Service (IRS) to do what the agency insists is a normal practice to mobilize resources for national development, describing it as an effort to violate their terms and conditions of service as enshrined in the 1992 Constitution.

Whilst IRS insists it is simply enforcing the tax law; the Internal revenue Service Act 592 which requires all persons in private or public employment to pay income tax on their accommodation and transportation provided by their employer, the Judges and magistrates say the executive of the law with respect to their condition of service is unconstitutional.

Read more...

Saturday, 04 September 2010 06:23

The Association of Ghana Industries (AGI) has issued a statement expressing the private sector's displeasure with the proposed 155 percent consumer tariff increase, by the three utility providers (ups).

“After a careful assessment of the rather gloomy situation on the ground and inasmuch as it is acknowledged that some critical remedial measures are long overdue, the AGI notes with some concern that the 155% tariff adjustment is very steep for its members and for Industry as a whole," the statement said.

Read more...

Saturday, 04 September 2010 06:23

The Governor of the Central Bank, Mr Kwesi Bekoe Amissah-Arthur, has said that suggestions by experts for direct market intervention to bring down interest rates are only short term measures that will not yield the necessary policy space for lower interest rates.

Analysts and experts have suggested among other policy actions the prescription of upper and lower limits on lending and deposit rates within which banks could set their rates.

Read more...

Saturday, 04 September 2010 06:23

Deputy Minister of Finance and Economic Planning, Mr Seth Terkpeh, says the cedi’s depreciation has worsened the situation of a bad budget practice in the disbursement of the GETFund by the previous administration.

He said it was only when the GETFund (Ghana Education Trust Fund) was reviewed holistically that Ghana could find answers to most questions regarding its administration. Mr Terkpeh said this in reaction to a question by Mr Ofuso Asamoah, Member of Parliament for Kade, who wanted to know how much money had been released to the GETFund since January 2007 to September 2009. According to him, an amount of ¢496,101,558.32 was released to the GETFund Secretariat between January 2007 and September 2009.

Read more...