New Tax Regimes Will Catalyze Productive Economy – Vice President

In line with the several tax reliefs announced in the last budget statement, government is determined to shift the focus of economic management from taxation to production, Vice President, Dr. Mahamudu Bawumia has emphasised. He observed that, making the economy productive is the only workable way to expand trade and create jobs for all Ghanaians. 

Dr. Bawumia, was addressing dignitaries at the opening of the 2017 annual International Tax Conference of the Chartered Institute of Taxation Ghana (CITG) in Accra.
He noted that, consultations are underway with various stakeholders to ensure that the new exemptions regime when implemented would reflect the country’s economic management priorities.
While government has resolved to reduce the tax burden on businesses and individuals, it was at the same time taking steps to spread the remaining burden more broadly and equitably across the economy.
“We are putting in place measures that will formalize the economy, spread the tax base and increase compliance. In this regard, we will not relent in addressing irregularities in revenue mobilization, as well as plugging loopholes that allow businesses to evade tax” he said.
Dr. Bawumia observed, that taxation, which is pivotal to the management of every economy, must be designed in such a way that, everyone contributed to national development in one way or the other.
“Government is confident that revenue, lost in the past would be restored, when businesses take advantage of improvement in the business climate to increase output, considering that a sound economy is driven at the back of the private sector” he explained.
President of the CITG, Nii Ayi Aryeetey, said this year’s conference was organized to provide opportunities for participants to fully engage academia, tax experts, tax payers, and the general business community.
He noted that, changes within the fiscal environment by way of tax reforms had, over the years, covered a wide range of systems.
“For that matter, it is important at this stage for tax professionals, administrators and practitioners in the public and the private sectors to examine the effects of the tax reform agenda on investments, growth and development of the country” he said.

 

Source: goldstreetbusiness.com