GUTA unhappy with 'numerous' taxes in 2021 budget

Joseph Paddy, Communications Director for Ghana Union of Traders Association (GUTA), says the increment in taxes have come at the wrong time.

The Majority Leader stood in for Finance Minister-designate Ken Ofori Atta, who has travelled to the United States to seek medical attention for post-COVID-19 complications.

This was the first time a finance minister will not be presenting the budget statement.

Reading the 2021 budget in Parliament Majority leader and the Minister of Parliamentary Affairs, Osei Kyei Mensah Bonsu, said government is set to introduce new taxes, including a Covid-19 Health Levy, an increase in a road toll, a gaming tax, NHIS and VAT flat rate to go up by 1% each, and a 5% extra income tax for the banks.

“Gaming has become a major income earner all across the globe. The influx of online betting and automation of the once totally manual process has changed the character of revenue sources from that industry. The Ministry of Finance and the Ministry for the Interior will co-supervise the gaming industry and will soon consult with stakeholders to formulate a comprehensive policy to improve revenue mobilization from this source”, Osei Kyei Mensah Bonsu told Parliament.

Joseph Paddy, Communications Director for  GUTA in an interview with the host of Atinka FM’s AM Drive Kaayire Ofori, said the outbreak of coronavirus affected the finances of most businesses.

According to him, although taxes go a long way to boost the economy, it is coming at the wrong time.

“ There was a time when taxes were a nuisance in this country, what changed this time?. This is not the time to introduce new taxes. These banks do not operate a “father Christmas” system. The effects of the 5% extra income tax for the banks will definitely be passed on to us”, Communications Director for  GUTA told Kaakyire Ofori Ayim.