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
