Editor of the Ghanaian Publisher Newspaper, Yaw Obeng Manu, agrees with calls for government to instantly review tax exemption policies to address the losses made by the state each year.
According to him, this move can help government earn the millions it losses each year to support the ailing economy, rather than seeking foreign aid.
“With an estimated GH¢5 million (nearly $1 million) annual tax revenue lost through tax exemptions; the Institute of Economic Affairs (IEA) has called on government to pass the Tax Bill which has been in Parliament for about two years to “plug a big hole in the tax system.”
The IEA says the high spate of tax exemptions awarded to a variety of companies, non-governmental organizations (NGOs), diplomatic missions, government officials and private individuals had given rise to “considerable abuse with considerable lobbying for preferential treatment,” a situation which necessitated the need for authorities to place the bill before Parliament.
In the Editors’ Take Edition of the Happy Morning Show with Samuel Eshun, Yaw Obeng Manu stated, “The IEA made some pronouncements but the one that hit me hard was the tax exemption bill. They want us to reduce the high revenue losses incurred by the government.”
He indicated that Ghana lost between Ghc17billion to tax exemptions and argues it is high time government goes back on these exemptions.
“It does not help for government to give someone a huge tax exemption for work being done for it (gov’t). Gov’t must take the necessary steps to plug these holes because its people are suffering. People can no longer afford the luxury they used to enjoy and all these circumstances are not in the interest of Ghana,” he stated.
He believes Ghana can be in state of insecurity if its economic woes keep compounding and advised government to look into other avenues aside from the tax exemption bill which can lessen the plight of its people.
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