{"id":66754,"date":"2024-02-15T06:17:06","date_gmt":"2024-02-15T06:17:06","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=66754"},"modified":"2024-02-15T05:59:38","modified_gmt":"2024-02-15T05:59:38","slug":"inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah","title":{"rendered":"Inconsistencies in Ghana\u2019s tax handles scaring away businesses \u2013 Lord Mensah"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Businesses are running away from Ghana due to the inconsistencies in the tax handles, a Professor at the University of Ghana Business School, Lord Mensah, has said.<\/b><\/p>\n

He states that the high taxes on businesses have resulted in price increases on the markets.<\/p>\n

Prof Mensah said these while explaining why he thinks Vice President Dr Mahamudu Bawumia will not have the room to remove the taxes that he has promised to abolish.<\/p>\n

He explained that by 2025, Ghana will no longer receive a $600 million tranche from the International Monetary Fund (IMF) but rather $300 million per how the programme with the fund has been structured. Also, he added, Ghana no longer has access to the Eurobond market to borrow hence the main avenue will be for the government to rely on taxes to generate revenue.<\/p>\n

This will make it difficult for Dr Bawumia , if he wins this year\u2019s elections, to implement the promise to remove the taxes, Prof Mensah said.<\/p>\n

Dr Bawumia had stated categorically that he would abolish the tax on electronic financial transactions, e-levy, if elected President of Ghana. The controversial tax was introduced in 2022, and prior to the introduction, Vice President Bawumia had declared his opposition to levies on electronic financial transactions in an interview.<\/p>\n

Delivering his first major address to the nation after his election as NPP flagbearer, during which he gave broad policy outlines of a Bawumia Presidency, Dr. Bawumia minced no words in declaring his opposition to taxes on electronic financial transactions, declaring that he would abolish e-levy as President.<\/p>\n

Dr Bawumia added that his bid for a Digital and Cashless Ghana would be significantly boosted if e-levy is abolished.<\/p>\n

\u201cTo move towards a cashless economy, however, we have to encourage the population to use electronic channels payment. To accomplish this, there will be no taxes on digital payments under my administration. The e-levy will therefore, be abolished,\u201d he declared at the UPSA auditorium on February 7.<\/p>\n

GUTA says they want to a sign social contract with Bawumia on promise to remove taxes<\/p>\n

Dr. Bawumia also announced that as part of a new tax regime by his government, he will also abolish the emission tax, tax on betting as well as the proposed 15% VAT on electricity tariffs, if it is in existence by January 2025.<\/p>\n

He also announced that his government would introduce what he described as a friendly, flat tax regime for Ghana, which will boost individuals and businesses, particularly small and medium-scale enterprises (SMEs).<\/p>\n

\u201cMy administration will introduce a very simple, citizen and business-friendly flat tax regime. A flat tax of a percentage of income for individuals and SMEs, which constitute 98% of all businesses in Ghana, with appropriate exemption thresholds set to protect the poor,\u201d Dr. Bawumia indicated.<\/p>\n

Speaking on this issue on February 12, Prof Lord Mensah said \u201ctaxes are policies, that is what we need to appreciate. Policies depend on time, there are times when you may introduce a policy but will not rip the necessary expected benefits. As we speak now, because of the variations and inconsistencies in our tax handles, businesses are running away. The effects of these taxes have been price increases on our markets apart from the exchange rate issues that we have been having, so these are all economic costs.<\/p>\n

\u201cOrdinary Ghanaian is suffering to the point where the component of his salary that he uses to purchase food has increased to about 40 percent, so effectively these tax handles are having an impact on the typical Ghanaian, businesses and even the government itself. So effectively, if you want to introduce a flat rate or you want to abolish a tax, what do you do? You have to introduce it now because governance is about continuation.<\/p>\n

\u201cI can tell you that the vice president will not have the fiscal space to abolish all those taxes when we go into 2025. The reason is that by 2025, these IMF releases that we are receiving we will no longer be receiving $600million again, we are going to receive $350 million, that is how the $3 billion programme has been structured over the 3 years.<\/p>\n

\u201cWe don\u2019t have access to the Eurobond market, the taxes that you are going to use to manage the economy against the promises with digitalization, I can tell you that he will not have the fiscal space to abolish the taxes and to provide that flat rate. At that time the inconsistencies we have in our taxes would have cost us more as a result of businesses running away or people not getting jobs.\u201d<\/p>\n

Source: 3News<\/b><\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Businesses are running away from Ghana due to the inconsistencies in the tax handles, a Professor at the University of Ghana Business School, Lord Mensah, has said. He states that the high taxes on businesses have resulted in price increases on the markets. Prof Mensah said these while explaining why he thinks […]<\/p>\n","protected":false},"author":84,"featured_media":66753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[5092,5096,429],"class_list":["post-66754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nInconsistencies in Ghana\u2019s tax handles scaring away businesses \u2013 Lord Mensah - Ghana<\/title>\n<meta name=\"description\" content=\"Businesses are running away from Ghana due to the inconsistencies in the tax handles, a Professor at the University o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inconsistencies in Ghana\u2019s tax handles scaring away businesses \u2013 Lord Mensah\" \/>\n<meta property=\"og:description\" content=\"Businesses are running away from Ghana due to the inconsistencies in the tax handles, a Professor at the University o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-15T06:17:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1707963976.098208.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inconsistencies in Ghana\u2019s tax handles scaring away businesses \u2013 Lord Mensah\",\"datePublished\":\"2024-02-15T06:17:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\"},\"wordCount\":777,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1707963976.098208.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/inconsistencies-in-ghanas-tax-handles-scaring-away-businesses-lord-mensah\",\"name\":\"Inconsistencies in Ghana\u2019s tax handles scaring away businesses \u2013 Lord Mensah - 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