Tax Consultant and lecturer, William Owusu Demetia, has re-emphasized the need for the government to digitize all tax related activities to reduce tax avoidance and under declaration of tax.
According to him, the use of electronic payment systems for cashless transactions will help government rake in the needed revenue and ensure tax compliance.
“We need to be able to rationalize our tax exemption regime. The tax exemption regime over here talks about tax concessions for individuals and companies in particular industries and areas, talks about exemptions we give on projects; these includes duties and income taxes, VAT, among others. These are things that we need to be able to rationalize”.
He also added that, “we must find out those that are important and give the necessary referencing tools so that they are not abused and discontinue those that have outlived their purpose and are serving as a leaking pot and do away with them. There’s an exemption bill that has been in parliament and has not seen the light of day. We need to get to work so that we can be able to save enough revenue being given away as a result of waivers and concessions,” he added.
Earlier this week, the Commissioner-General for the Ghana Revenue Authority (GRA), Reverend Ammishaddai Owusu-Amoah said the government’s decision to replace the Taxpayer Identification Number (TIN) of individuals with their Ghana Card number is a step in the right direction, especially for the banks.
He further indicated that the GRA would step up efforts to tax players in the e-commerce market, a sector that has been challenging over the years.
Latest Stories
-
Beatrice ‘Bee’ Arthur tackles plastic pollution through artistic exploration
11 mins -
Hundreds turn out for Luv FM/Telecel Fitness Walk in Kumasi
15 mins -
Ghana Post launches Asantehene Commemorative Stamp
17 mins -
Police fire tear gas to disperse Benin wage protest
26 mins -
Airline keeps mistaking 101-year-old woman for baby
31 mins -
Harvey Weinstein hospitalised after conviction overturned
34 mins -
Anis Hafar: Learning how to avoid wars
40 mins -
Private legal practitioner wins Akan NPP parliamentary candidate poll
57 mins -
American-Israeli hostage appears in Hamas video for first time
1 hour -
Samson’s Take: Arrogance of Power, Shameful Policing
8 hours -
Burnley score late to draw with Manchester United at Old Trafford
10 hours -
Bayer Leverkusen extend unbeaten run to 46 games after draw with Stuttgart
10 hours -
Chelsea come from two goals down to draw against Aston Villa
10 hours -
Andre Ayew scores in Le Havre’s 3-3 draw with PSG
10 hours -
GPL 2023/24: Kotoko draw with Medeama; Samartex go 7 points clear of Nations FC
11 hours