General News Mon, 22 Jul 2013

‘Private universities make profits and must pay tax’

A Financial Consultant, Cudjoe Akpabli, has kicked against calls by private universities to be exempted from the payment of corporate taxes.

The Conference of Heads of Private Universities is demanding the restoration of tax exempt status for private universities.

Section 10 of the Internal Revenue Act initially exempts “religious, charitable and educational institutions of a public character” from the payment of corporate taxes.

But the act has been amended to bring private universities into the tax net.

Their Conference Chaired by Professor Kwesi Yankah is crying foul.

Speaking to XYZ Business, he said there is a growing discrimination and a lack of equity in accessing state funding.

But financial consultant Cudjoe Akpabli disagrees. According to him, private universities are in business, and therefore, must be made to pay taxes.

Source: XYZ