President of Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has averred that there are loopholes in the country’s tax system.
According to him, the leakages in the tax system has given some people the chance to evade taxes which significantly impact on revenue mobilisation.
Speaking on behalf of the business community in a joint press conference held in Accra, Dr Obeng called on government to adopt pragmatic system to rope in evaders into the tax net.
He also called for the abolishment of the tax exemption policy.
“The government can enhance domestic revenue mobilization by adopting innovative and practicable measures. We of the business community are very much aware that the taxes we pay are sufficient enough but what the government fails to do is to adopt an effective and pragmatic system to ensure compliance with tax payment, as well as, rope in all other business entities that have not been captured into the tax net,” the GUTA President said.
“In fact, there are many leakages in the tax system which lead to abuses and need to be sealed to forestall tax evasion and other related abuses... The tax exemption policy should be totally abolished. This will go a long way to save significant revenue for the national development,” he added.
Dr. Joseph Obeng also bemoaned the numerous taxes imposed on businesses operating in the country, particularly domestic ones.
He said the imposition of multiple taxes and the high cost of doing business in Ghana has rendered businesses uncompetitive under the African Continental Free Trade Area.
ESA/MA
