The Association of Ghana Industries (AGI) has said it will continue to engage the Minister of Finance, Ken Ofori-Atta and Cabinet to review some taxes approved in the 2024 Budget.

This is to ensure that industries are not overburdened with taxes as the economy shows signs of recovery.

Chief Executive, Seth Twum Akwaboah, who disclosed this to Joy Business, said some specific taxes in the budget could have been more targeted rather than generalising them.

“We thought that there are certain areas that if government tackles very well, it will stimulate production. Because if you take so much [taxes] from industries then there will be a challenge since this is the working capital that you are taking away from them”.

“Our position is that there should be some detailed work and targeted areas instead of making it general [imposing so many taxes]. So, we’ll continue to engage the government on some of these handles [taxes] to ensure that production is not affected”, he explained.

He however added that some of the exemptions that industries got from the government were good.

“The exemptions that some businesses got are good but I think we’ll continue to engage government to see how we can review some of the taxes”, he said.

Some tax exemptions were on importations of raw materials for pharmaceutical industry and locally produced sanitary pads and the introduction of an import duty waiver on the importation of commercial electric buses for public transportation.

On the other hand, some tax proposals in the 2024 Budget were enforcing the issuance of certified value added tax (VAT) invoices for deductibility for corporate income tax purposes, commencing full implementation of minimum chargeable corporate income tax and implementation of Phase 2 of the VAT electronic invoicing (e-invoicing) programme.