Booming real estate industry must pay share of taxes – BCIU

The Government of Ghana has been urged to ensure that the booming real estate industry in the country is appropriately taxed, and the revenue accrued, properly monitored and channeled into infrastructural and utility development.

The national capital, Accra, in particular, has seen a boom in the real estate sector with many high rise buildings and skyscrapers springing up and concentrated in many areas, especially the enclave around the Kotoka International Airport.

Huge residential properties are also mushrooming in prime areas in the capital and across the entire country.

Industry watchers believe the massive investment being funneled into the industry is generating a lot economic activity in the construction industry while creating jobs for most artisans and steel workers at the same time.

Senior Advisor at the Business Council for International Understanding (BCIU) headquartered in the United States of America, Japhet Aryiku told STARR BUSINESS in an interview that owners of such properties must be made to pay appropriate taxes to the State.

“One of the things that I marvel about is the fact that you come to Accra in particular, and I think all over the country, there’s a big boom of real estate development: there are hotels and huge buildings, houses and all of these things.

“In the US, and in most of the Western countries, the government in order to provide social services, get a lot of income from the real estate development. Now are people who own mansions and big houses, and who expect police protection, expect water to be delivered to them, expect safe roads – all these things cost Ghana money to provide – do these people provide and pay their fair share of taxes to support the government?” Aryiku wondered.