A tax is a compulsory financial change or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization inorder to find government spending and various spending expenditures. The number one basic purpose of taxation is to raise revenue to meet huge public expenditure. The majority of government activities must be financed by taxation.
This is because alot of Ghanaian companies are now crawling to get to their feet ever since COVID 19 pandemic showed it ugly face on our MOTHERLAND, GHANA.
When the increment of taxations hit the ears of Ghanaians, there has been some backlashes here and there.
Of course, the number one merit objectives of taxation is economic development. The economic development of any country is largely conditioned by the growth of capital formation and it's said that capital formation is the kingpin if economic development. But LDCs usually suffer from the shortage of capital and to overcome this capacity of the capital, the government of these countries mobilize resources on a rapid capital accumulation to enhance it activities.
But, on a more serious note majority of Ghanaians are wailing following their lost jobs due to COVID 19 pandemic..
So, in my opinion I suggest the government could have waited a bit more for the economy to have settled down before increasing taxes..
Thanks for reading this educative post but please don't forget to leave your comments on the comments section..
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