The Minister of Finance, Cassiel Ato Forson, has announced that the government will discontinue the tax exemption policy under the One District, One Factory (1D1F) initiative due to widespread abuse.
Addressing Parliament, Mr. Forson stated that evidence presented to the House showed serious misuse of the policy.
“As Finance Minister, I’m not going to continue with the 1D1F tax exemption because the evidence before this House suggests it has been abused badly,” he said.
He explained that while the initiative was designed to drive industrialisation and economic growth, the tax exemptions had been exploited, undermining its original intent.
Mr. Forson assured Parliament that the government remains committed to supporting local industries but will explore alternative measures to ensure accountability and fairness.
“We will support genuine businesses that contribute to our economy, but we must put an end to policies that create loopholes for exploitation,” he added.
ALSO READ: