A Tax Partner at the Pricewaterhouse Coopers (PwC), Abeiku Gyan-Quansah says the current economic system in the country is not effective to mobilise more revenue.
According to him, even though there is general recognition of the need to raise more revenue, prevailing circumstances do not provide the right opportunity to mobilise projected revenues as stated in the 2023 budget.
Government says it is projecting its total revenues and grants for 2023 at ₵144billion.
But speaking on JoyNews’ PM Express Business Edition, Mr. Gyan-Quansah said this projected revenue is unattainable.
“Speaking to some of my clients and based on other views, we recognised that there is the need to raise more revenue but the current system that we have is not effective enough to mobilise more revenues.”
Mr Gyan-Quansah made some recommendations to the government which will help revive the current economy.
“What we are recommending the government to do is that, as part of this budget, there is the Post Covid-19 Recovery program. If we are going to be in the Covid-19 Recovery program then what are we still doing with the Covid-19 levy? So it should be taken out.”
“If the Covid-19 levy is taken out, then we now have the health levy, education levy, and the proposed 2.5%. Consolidate all of it into the VAT which will give you a total standard rate of 20% instead of 21%.
“Then allow businesses to take their full recovery of the 20%,” he said.
He added that doing this will help government to avoid the situation where people get unnecessarily aggressive because they cannot deal with the 21% VAT.
Latest Stories
-
Prophetic propaganda on political discourse: The ‘churchpreneurship’ of profit over salvation in Ghana
4 minutes -
Team Ghana arrives in Morocco for 2025 Africa Beach Volleyball Championship
5 minutes -
‘Start Right’ fair expands to empower Northern SHS students with broader career choices
17 minutes -
Defence Minister announces plans for improved housing for Ghana Armed Forces personnel
26 minutes -
Escape to Asia with aKorfa: Two Joy FM listeners head to final round
33 minutes -
Steel bender jailed for machete attack over girlfriend dispute
37 minutes -
If Iran and Israel do stop firing, Trump’s high-risk strikes may pay off
39 minutes -
Nationwide rollout of free HPV vaccine for girls begins in September – GHS
41 minutes -
China’s partnership with Africa represents fundamental shift from exploitation – ACUC
52 minutes -
Bonsu Baah to have Al Qadsiah medical in Madrid on Friday ahead of signing four-year deal
58 minutes -
I live by God, not perception or opinion – AratheJay
58 minutes -
How long would you live in Ghana? GHS Public Health Director breaks down 5 factors
1 hour -
Ashanti Region: Police Intelligence Directorate dismantles criminal syndicate involved in vehicle thefts
1 hour -
Middle East tensions unlikely to disrupt Ghana’s diplomatic ties – Nana Yaw Mireku
1 hour -
Ghana courts Chinese investors with 24-hour economy incentive
1 hour