The Lead Tax and Regulatory Partner at Deloitte- Ghana, George Ankomah has said the three new revenue bills could lead to the collapse of many Ghanaian businesses.
He stated businesses are still trying to recover from the havoc wreaked by the coronavirus pandemic, hence the new taxes will make things worse for them.
Parliament last Friday approved three tax bills; Tax Amendment Bill, the Excise Duty Amendment Bill and the Growth and Sustainability Amendment Bill.
The financial bills presented by the government seek to generate about four billion Ghana Cedis annually to boost domestic revenue mobilization.
Speaking on Adom FM’s morning show, Dwaso Nsem, Mr Ankomah said the tax bills are counterproductive as businesses may suffer in the government’s quest to increase its revenue.
Also, Mr Ankomah emphasised that, with the tax burden increasingly becoming business owners would also begin to find ways to avoid paying taxes in order to survive in an already harsh economic climate.
The passage has been met with disappointment and resistance from the business community amidst threat by the Importers and Exporters Association to block it.
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According to the Executive Secretary, Asaki Awongobit, the new bills will further deepen the woes and hardships on Ghanaians as business owners will be forced to increase the price of goods and services and consumers to suffer.
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