The Ministry of Finance was required to secure an undertaking from each Council of State to effect deductions for the loan repayment as Parliament approve a $3.5 million medium-term loan agreement to finance the purchase of vehicles for members.
The loan is among the government, members of the Council of State, and the National Investment Bank (NIB) Limited to finance the purchase of vehicles for members of the Council of State.
This will ensure that beneficiary allowances were channeled through their accounts with the NIB and mandate the NIB to effect deductions from 2021 to 2024.
Parliament also approved the $28 million medium-term loan agreement for Members of Parliament (MPs) of the Eighth Parliament.
A request for the waiver of $13.1 million tax and duties for the purchase of vehicles for the official use of MPs and the Council of State members from 2021 to 2024 was granted by Parliament.
The waiver will cover import duties, import national health insurance levy (NHIL), import GETFund levy, import value-added tax (VAT), EXIM levy, COVID-19 levy, African Union (AU) levy, inspection fees, and withholding tax (IRS tax deposit) on the vehicles.
Source: Mybrytfmonline.com/Kofi Atakora
