Replace aggressive tax collection with a sustainable approach - Financial Analyst to Amin Adam

Financial Analyst, Enyonam Adzo Apetorgbor, has raised concerns about how taxpayers are treated when it comes to the collection of taxes.

According to her, the prevailing strategy of aggressive tax collection has strained the relationship between taxpayers and the government.

She further said the above-mentioned strategy has been inefficient as government does not rake in the expected revenues.

In a statement sighted by GhanaWeb Business, Enyonam Adzo Apetorgbor stated that the appointment of Dr Mohammed Amin Adam as the Minister of Finance presents an opportunity for the government to right its wrongs by adopting a more sustainable approach to tax collection.

The Financial Analyst said, “Our country’s economic landscape is characterized by its dynamic yet volatile nature, with harsh economic conditions posing significant challenges to both citizens and the government."

“The role of taxation in this context is pivotal, serving as a primary source of revenue for the government to fund public services and developmental projects. However, the prevailing strategy of aggressive tax collection has not only strained the relationship between taxpayers and the government but has also been inefficient in the long run," she added.

Enyonam Adzo Apetorgbor further said, "The appointment of a new Finance Minister presents an opportune moment to reevaluate and adopt a more sustainable approach.”

The Financial Analyst opined that the push to exceed revenue targets without fostering innovation can lead to counterproductive outcomes in tax collection.

SA/NOQ