GRi in Parliament

GRi in Parliament Ghana 13 - 10 - 2000

Parliament passes law to mop up excess liquidity

Accra (Greater Accra) 13 October 2000

Parliament on Thursday took the Internal Revenue Bill through the consideration stage and gave tax-free concession on interests accruing to those who invest in approved unit trust schemes and mutual funds.

Sponsoring an amendment to that effect, Commodore Steve Obimpeh (Rtd), Chairman of the Finance Committee, said this is to encourage savings and mop up excess liquidity in the economy.

Although the clause, without much debate, passed through the lean House with only about 21 members out of the 200 present, the proposal on an amendment to a sub-clause of Clause 23 received a stiff opposition.

It is seeking not to give tax exemption to those who want to pursue courses not directly relevant to the institutions they are working for or with.

Mr. Akwasi Osei-Adjei (NPP Ejisu-Juaben) said that section of the bill, if passed into law, would prevent the individual from improving his academic pursuit.

Alhaji M. A. Seidu, Majority Deputy Leader, seeing that there was wisdom in the argument, said the member could give the intention of second stage amendment, which will lead to another debate.

Commodore Obimpeh expressed regret that a virtually empty house (14) was considering such an important bill.

Dr. Kwabena Adjei, Majority Leader, re-echoed the sentiment expressed by his colleague and appealed for in increase in attendance.

Mr. Kenneth Dzirasah, First Deputy Speaker, agreed with the members and said the House had come to a crucial stage where its workload had to be expedited before the next parliament comes into being by next January.

GRi…/