Africa-Press – Ghana. Makers and Partners (MAP), an international business consulting firm, has urged all stakeholders to embrace initiatives that create awareness about tax compliance and the need for businesses to fulfill their tax obligations.
These, it noted, were key for national development.
It has therefore called for an effective dissemination of information on the new tax reforms being implemented by the Ghana Revenue Authority (GRA), to breakdown the complexity of Ghana’s tax system.
Commissioner of Police (COP) Maame Yaa Tiwaa Addo-Danquah, Associate Partner-Advisory at MAP said Ghana had the potential to generate more tax revenue domestically through a well-structured compliance mechanism and public education of tax obligations to meet its needs.
She was speaking at the Executive Business Dialogue organised by MAP to facilitate informed conversations between business leaders, experts, and stakeholders on navigating tax and fiscal reforms while building resilient and sustainable Small and Medium Enterprises (SMEs).
Many Small and Medium Enterprises (SMEs) face difficulties interpreting tax and fiscal reforms and translating them into practical business decisions that safeguard profitability, ensure compliance, and support long-term resilience.
COP Addo-Danquah urged businesses to seek financial and consulting services to help develop structures that could sustain their investment.
“Some SMEs invest so much into businesses without any feasibility studies and in few years lose their investment,” she said.
She underlined MAP’s expertise in advisory services, tax services, audit assurance and accountancy services, which were geared towards supporting businesses in navigating tax reforms and promoting sustainable growth.
Dr Martin Kolbil Yamborigya, Acting Commissioner of Domestic Tax Revenue Division of the Ghana Revenue Authority said there had been series of tax education programs aimed at persuading citizens to voluntarily honour their tax obligations.
He noted that the new tax reforms were deliberate steps made by government to improve how taxes are designed, collected, and enforced.
He said currently there is a collection shortfall of an estimated 67 per cent tax gap for income tax and a 61 per cent tax gap for Value Added Tax (VAT), hence, the need for concerted efforts to close the gaps.
Mr Atta Issah, Member of the Finance Committee of Parliament, tasked businesses to commit to full tax compliance and engage in policy dialogue and take advantage of the improved macroeconomic stability and investment conditions.
He said the improved fiscal credibility positions Ghana as a destination for foreign direct investment, therefore all stakeholders including the media should help track the implementation and expose the inefficiencies.
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