Business News Fri, 14 Jan 2022

Pass tax exemptions bill now - Coalition to government

Tax exemptions bill was laid before parliament in November 2021

Tax exemptions bill would help govt mobilise more revenue – TJC

Tax exemptions bill would help coordinate tax incentives in Ghana – GRA

Tax Justice Coalition of Ghana (TJC) has urged government to pass tax exemptions bill as soon as possible.

According to the coalition, the passage of the bill would enhance government’s revenue mobilisation efforts.

Coordinator of TJC, Louis Acheampong who was reported by mynewsgh.com to have made these remarks at the regional tax dialogue at Cape Coast said Ghana was losing money through some tax relieves it offers companies.

According to the coordinator, government should urgently come up with a criterion for giving tax holidays to help address revenue shortfalls in the local economy.

“We are actually calling on the expedition of the process and also hoping that some input to get public input into it,” Mr Acheampong was quoted to have said by mynewsgh.com

Speaking at the same event, a Ghana Revenue Authority (GRA) Officer, Richard Andoh said his outfit was awaiting the passage of the bill.

According to Richard Andoh, the passage of the bill would ensure coordination of tax incentives given to businesses because currently, many agencies including parliament and ministries were giving incentives which made it difficult to monitor the effectiveness of these reliefs.

The tax exemptions bill was laid before parliament in 2019 but was not passed.

It was laid before the House again in November 2021 and is awaiting approval before it would be assented by the president into law.

The purpose of the bill is to streamline the tax exemption regime in the country so as to maximize government revenue mobilisation effects
Source: www.ghanaweb.com
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