The business community is opposed to the new tax revenue proposals currently before Parliament, but the administration says it is open to discussions with them.
Due to the possible impact on corporate operations, there have been numerous calls for the government to eliminate the tax bills from the industry.
Kojo Oppong Nkrumah, the information minister, responded to these worries by saying that the government is open to suggestions for changing the measures to better serve the interests of legislators and the business community.
“We need to put the pushbacks into context. It is admirable that each of these groups is bringing up their own issues with regard to these three revenue proposals. On the Point of View on Citi TV, he stated, “I believe that we must encourage people to come with these particular and perhaps what adjustments they want to see done to make it more pleasant.
While it aims to raise GHS 4 billion annually to shore up revenue to restore the failing economy and get a Board approval for a bailout from the International Monetary Fund, the government is under pressure to have three new tax laws passed by parliament (IMF).
The bills which include the Excise Tax Stamp and Excise Duty amendment bills, Income Tax amendment bill and Growth and Sustainability levy bill are already being rejected by some business groups.
The Ghana Union Traders Association (GUTA) and the Association of Ghana Industries (AGI) among others have for instance asked Parliament not to pass these “killer taxes; bills because business risk collapsing as a result”.
Nonetheless, the government is making it clear to the business community that it must make some concessions given the difficulties facing the nation’s economy.
“At the end of the day, we have to get something as a Republic that allows us to move forward in this enterprise and see what both sides can accommodate. So that in the end, we can find some sensible middle ground that allows us to pass these three revenue bills which have already committed to the initial economic program for 2023 and close these gaps we have and go forward to conclude both the external creditors assurances and the Fund program itself as quickly as possible”, Kojo Oppong Nkrumah added.