Stakeholders in the business community have called on the government to introduce tax relief measures during the upcoming mid-year budget review.
As per Section 28 of the Public Financial Management Act, the Finance Minister is required by law to present this review to Parliament within six months of the financial year’s commencement.
The presentation for this year is scheduled for July 27.
The business community highlights the importance of addressing taxation concerns and creating a favorable environment for businesses to flourish.
The CEO of the Ghana National Chamber of Commerce and Industry, Mark Badu Aboagye, suggests that the government should focus on broadening the tax base instead of burdening a few individuals with taxes.
“Let us find more innovative ways to increase revenue without necessarily burdening the private sector and businesses. Increasing your tax revenue is not about introducing new taxes or increasing the rate of existing taxes. It’s about how efficient you are.”
“We have gotten to a level where businesses are at the peak of stress. If you are introducing a new tax, you are in a way killing all the businesses. Let us be efficient in the collection of taxes to improve. The more you increase tax rates, the less your tax revenue,” Mr. Aboagye said.