Parliament on Wednesday, 3 November 2021 granted tax exemptions totalling $11,441,638.32 to B5 Plus Limited under Government’s One District One Factory (1D1F) Initiative.
The approval followed the Finance of Committee Parliament’s recommendation to the House to approve Government’s request with regard to the tax waivers to the company
The request was laid in the House on Thursday, 10th June 2021 by the Minister responsible for Parliamentary Affairs Osei Kyei-Mensah-Bonsu on behalf of the Minister for Finance in accordance with Article 174(2) of the Constitution and referred to the Finance Committee for the report in pursuant to the Standing Orders of the House.
The Chairman of the Committee Kwaku Kwarteng presenting its report indicated that provisions of Article 174 (2) of the Constitution empower the legislative body to confer power on any person or authority to waive or vary a tax imposed by an Act of Parliament.
B5 Plus is a local company operating under the Government’s One District One Factory (1D1F) Policy.
B5 Plus is designed to promote industrialization, boost investments and create jobs in the country.
The tax waivers are in the areas of Import Duties, GET Fund Levy, Import NHIL, Import VAT and EXIM Levy on materials, plants, machinery and equipment or parts to be imported under the implementation of the 1D1F program.
Source: Mybrytfmonline/Solomon Nartey
