Business stakeholders are pressing the government to include tax relief measures in the next mid-year budget review.
The Finance Minister, Ken Ofori-Atta, is obligated by law to give the mid-year budget review to Parliament “not later than six months following the commencement of the fiscal year,” according to Section 28 of the Public Financial Management Act, 2016 (PFMA) Act 921.
The midyear budget review for this year has been set on July 27.
The business sector is highlighting the need of the government addressing taxes concerns and creating a climate favourable to economic growth.
In an interview with Citi News, the Chief Executive Officer (CEO) for the Ghana National Chamber of Commerce and Industry, Mark Badu Aboagye, opined that the government must widen the tax net rather than impose taxes on the very few people.
“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.
