The tax expert raised concerns on the need to know tax laws
Tax and Fiscal Policy expert, Isaac Kojo Yalley, has said that the individual bound is always affected by a change in the tax rate.
Speaking on Business, Taxation and Fiscal Policies on the African Journalists for Economic Opportunity Training (AJEOT-2020) in Koforidua, Kojo Yalley said if the government continues to change the tax rate, it goes a long way to affect the individual bound.
"Government can propose to increase or decrease the tax of goods and services to any percentage and the individual bound becomes affected. However, it's very paramount to know that, nobody can ask you to pay a tax without knowing the rate," he said.
He indicated the need to understand the tax rate and the implications of the tax rate.
He also explained that for one to understand tax policy one must know the law and legislations
He believes that having this knowledge of tax policy is key to citizens and businesses.
"Governments impose charges on their citizens and businesses as a means of raising revenue, which is then used to meet their budgetary demands.
"This includes financing government and public projects as well as making the business environment in the country conducive for economic growth," he added.
In his final submission, he threw more light on taxation being the key to promoting sustainable growth and poverty reduction and encouraged everyone to become abreast of the tax rate and implications.
"It provides Ghana with a stable and predictable fiscal environment to promote growth and to finance her social and physical infrastructural needs," he added.
