2024 Budget: Bilateral chambers of commerce advocate for tax exemptions

Ahead of the 2024 budget presentation this week, a number of bilateral chambers of commerce in the country want government to offer tax exemptions to their respective members.

The chambers argue that such a decision will provide them with the needed cushion to propel private sector growth and improve economic conditions of its members.

According to a Citi News report, president of the Canada Ghana Chamber of Commerce, Alexander Nortey said associate chambers want government to particularly address the issue of demurrage charges at the ports.

He further explained that the tax exemptions, if approved, must be applied for industries seeking to establish their presence in Ghana and those that bring in heavy-duty equipment.

President of the French Chamber of Commerce and Industry, Sekou Coulibaly on his part called on government to address the tax collection approach which is currently being deployed by the Ghana Revenue Authority.

“We understand the challenges the GRA has to face, but we just hope that it could be done in more fairness, especially understanding the contributions of our members to the growth of the economy,” he is quoted by citinewsroom.com

He stressed that most member companies under the Chambers make up some of the highest taxpayers in the country and therefore any level of pressure or harassment could further discourage foreign direct investment into the country.

Meanwhile, Finance Minister Ken Ofori-Atta is expected to deliver the 2024 budget before parliament on November 15, 2023.

MA/NOQ