The business community in Ghana have registered their displeasure with Members of Parliament for passing three new revenue bills; Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill last Friday.
According to the President of Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, though there were stiff opposition against the passage of the aforementioned bills by Ghanaians, especially the business community, parliament turned deaf ears to the calls.
Speaking on behalf of the trading community at a joint business consultative forum in Accra, he described the passage of the bills as unfortunate.
“The business community has protested vehemently petitioned the government against the bills but parliament failed to listen to the concerns and pleas of the people and rather listened to themselves. Forgetting that they represent the interest of their constituents including the Ghanaian business community,” he said.
He therefore called on parliament to hold on with the passage of the three revenue bills into law.
According to government, about GH¢4 billion would be raked in if the passage of the three revenue bills are implemented.
The Growth and Sustainability Levy is expected to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.
The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.