A Financial analyst has noticed that the country needs more money therefore the government needs to impose more tax on the public.According to him, the country do not have money for the government to carry on with developmental projects. “Ghana is broke!We spend 49.5% of revenue on interest payments.
The new duties presented by the public authority in the budget statement for the 2021 monetary year are probably going to fall organizations in the country, Economic Research (ISSER) at the University of Ghana and Director of the Institute of Statistical, Social Professor Peter Quartey has said. Prof Quartey additionally demonstrated that
It is the duty of every citizen to know how revenue is generated and used in the country.Taxation is the first of source of revenue in the country.There are two types of taxation.Which is direct and indirect tax.Direct tax is paid by government workers.
The Ghana Revenue Authority (GRA) is about to go after telecommunication companies that are allegedly under-declaring their tax revenues and causing huge financial loss to the country, this website has gathered.Inside sources say the government is currently losing huge sums as a result of revenue under-declaration by some of these telecommunication companies.
Tax relief is any government program or policy initiative that is designed to reduce the amount of taxes paid by businesses.A tax relief is given to businesses through deduction and credit.The Ghanaians businesses are now burden with heavey taxes with has made most business crawl on their need because the high level of taxes are killing businesses slowly.
Not long ago, the Ghana Revenue Authority released a statement that, effective 1st April, 2021 the Ghana card will replace the tax identification number.
Monetise indiscipline in society by increasing fines, penalties and forfeitures – Dr Theo Acheampong
The outspoken Energy Economist and Political Risk Analyst, Dr Theo Acheampong, has given sagacious advice to the government of Ghana on how to increase its tax-to- Gross Domestic Product (GDP) ratio.In simple terms, tax-to-GDP ratio can be defined as how a countries domestically mobilise tax revenue relative to the size of the economy.
What is Tax?A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures.
Alliance for Social Equity and Public Accountability (ASEPA), Executive Director Mensah Thompson has disclosed that, among all the new taxes introduced by Government in the 2021 budget, the worst of them all is the Banking Sector Reform Tax, which seeks to charge the banks at least 5% on their revenue.