Expert calls for effective monitoring, evaluation of tax incentives

Accra, Sept. 9, GNA - A Fellow of the Chartered Institute of Taxation, Ghana (CITG), has called for effective and timely monitoring and evaluation of tax incentive schemes to create leverage for both foreign and local investors.

Mr Abdallah Ali-Nakyea, who is also a Council Member of the Institute, further cautioned that a weak monitoring and evaluation system of tax schemes would negatively affect government's revenue mobilisation efforts.

He was speaking on Thursday to journalists at the end of a tax forum organised by CITG in Accra under the theme: 93Encouraging Investment in Ghana: The Need for Policy Review."

The forum was to review tax incentive schemes and assess its impact on the economy.

It was also to create the platform for stakeholders in the tax industry to make contributions on the topic.

Mr Ali-Nakyea noted that some people, including expatriates, abused tax incentive schemes, leading to huge loss of state revenue.

He cited sectors such as mining, real estate, agriculture and construction as examples of areas where people abused the tax incentive schemes.

Mr Ali-Nakyea added that there was the need to empower local investors to put a foothold in other sectors of the economy so that they could compete effectively with their foreign counterparts.

Mr Isaac Nyame, Treasurer of CITG, said contributions made by participants would be submitted to the Ministry of Finance and Economic Planning.