Finance

GRA cannot mobilize GH¢4 billion from new taxes – Awingobit

In a 136 – 137 votes majority decision, parliament on Friday, April 7, 2023 approved the Income Tax Amendment Bill, Excise Duty Amendment Bill and Growth and Sustainability Amendment Bill into law.

The newly introduced taxes are to help the state raise some GH¢4 billion domestic revenue.

Reacting to this development, Awingobit explained that the current economic state of the country makes it difficult for businesses to thrive, and fulfil their tax obligations.

“A number of companies are folding up and moving to other countries because the environment here is not conducive. We have a tax policy sharper than a butcher knife in this country,” Awingobit explained.

He added that , “I can say on authority that GRA will not generate the needed revenue from these taxes. If businesses do not make profits, where exactly will they get the taxes? I know a company which plans on moving to Ivory Coast next year. There is so much smuggling going on in this country.”

The introduction of the new taxes has been met with fierce opposition from Ghana’s business community but Finance Minister, Ken Ofori-Atta maintains that, the passage of the tax bills is instrumental for the release of the long awaited International Monetary Fund (IMF) $3 billion loan bailout.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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