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New taxes likely to disable businesses – Prof Quartey

The new duties presented by the public authority in the spending articulation for the 2021 financial year are probably going to implode organizations in the country, Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey, has said.

Prof Quartey additionally demonstrated that the charges will likewise build the motivating force for individuals to try not to pay demands.

New expenses: We need to trouble share – Ofori-Atta

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The public authority presented a Covid-19 Health Levy of a one rate point expansion in the National Health Insurance Levy and a one rate guide expansion in the VAT Flat Rate toward help consumptions identified with Covid-19 in the spending articulation.

"To give the imperative assets to address these difficulties and asset these exercises, government is proposing the presentation of a Covid-19 Health Levy of a one rate point expansion in the National Health Insurance Levy and a one rate direct expansion in the VAT Flat Rate toward help uses identified with COVID-19," the financial plan said.

Talking at Media General's Fourth Economic Dialog arrangement on Thursday April 1, Prof Quartey expressed that organizations will have no choice except for to give the expense of these duties to shoppers.

"The expense increment for example is probably going to expand the expense of working together for large numbers of the private area agents. It may lessen speculations it may likewise expand motivating force to keep away from n charge, individuals normally don't have any desire to pay charge except if we have a powerful framework else it will prompt duty shirking in certain cases."

The public authority got fire for these new expenses all at once scores of Ghanaians typical cost for basic items has gone up after the effect of the COVID-19.

For example, a monetary examiner with Dalex Finance, Mr Joe Jackson, said the 2021 spending proclamation isn't adequately strong.

He said given the circumstance the nearby economy is confronted with following the effect of the Covid pandemic, the public authority ought to have been strong enough to acquire more to manage the attacks of the pandemic.

Before the spending perusing, Mr Jackson had requested that the public authority get more to manage the impact of the pandemic.

Talking on the Key Points on TV3 Saturday prior on March 13, Mr Jackson said "Nothing has changed. We are pretty much as broke as we were before Covid."

He added "It isn't sufficiently strong. It is the path of least resistance since it just presented charges."

Account Minister Ken Ofori Atta legitimized the presentation of the new charges.

Addressing questions identifying with the presentation of the new duties during his screening by the Appointments Committee of Parliament on Thursday March 25, Mr Ofori-Atta said "Not all things are gone up. We need to trouble share, we need to push ahead."

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Economic Dialog Health Levy Ofori-Atta Peter Quartey Quartey


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