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General News Mon, 22 Jul 2013

Private varsities will increase fees ahead of new tax - Prof. Yankah

Private Universities in the country have hinted that they may be forced to increase school fees if government goes ahead to enforce a new tax regime which requires private universities to pay corporate taxes.

The Internal Revenue Act has been amended to pave way for private university to pay corporate taxes, but the Chairman of the Conference of Heads of Private Universities in Ghana, Professor Kwesi Yankah has stated that the new tax would have serious implications for private universities.

In an interview on the Citi Breakfast Show, Chairman of the Conference of Heads of Private Universities in Ghana, Mr. Yankah stated that employment rate would be threatened “considering the large number of people who are employed by private university throughout the country, it is not good news for the employment situation.”

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He added that he fears the new tax could lead to the collapse of some of the new universities.

He emphasized on the charitable ones adding that “it will make it more and more difficult for them to make further investment.”

Source: citifmonline
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