Akufo-Addo's Tax System is the Worst in History - Seth Terkper
Terkper highlighted the excessively harsh and punitive nature of the current tax regime, expressing concerns that such stringent measures could drive individuals towards tax evasion practices.
Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe
During an interview with Citi FM on Monday, February 5, Terkper underscored the necessity for the government to consider the heavy burden already borne by Ghanaians when crafting tax policies. He cautioned against the repercussions of punitive tax structures, emphasizing that they often lead to diminished revenue collection and increased tax avoidance strategies among taxpayers.
Terkper advocated for a simplified tax system as a more effective approach, pointing out that streamlined processes can bolster compliance and revenue generation. He referenced historical data, noting that the tax-to-GDP ratio peaked in 2015, highlighting the importance of a balanced and conducive tax environment for sustainable revenue mobilization.
During an interview with Citi FM on Monday, February 5, Terkper underscored the necessity for the government to consider the heavy burden already borne by Ghanaians when crafting tax policies. He cautioned against the repercussions of punitive tax structures, emphasizing that they often lead to diminished revenue collection and increased tax avoidance strategies among taxpayers.
Terkper advocated for a simplified tax system as a more effective approach, pointing out that streamlined processes can bolster compliance and revenue generation. He referenced historical data, noting that the tax-to-GDP ratio peaked in 2015, highlighting the importance of a balanced and conducive tax environment for sustainable revenue mobilization.
Related To This: Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye
Opposition's Critique and Public Outcry
The National Democratic Congress (NDC) has accused the ruling New Patriotic Party (NPP) government of introducing over 50 new taxes since 2017, sparking widespread discontent among the populace. Recent tax additions, such as the Value Added Tax (VAT) on residential electricity consumption and the Emissions Levy, have elicited public outrage due to their perceived burden on already strained taxpayers.
Protests and Opposition Actions
In response to the mounting tax burdens, the Trades Union Congress (TUC) and 35 organized labor unions have announced plans to stage a demonstration on Tuesday, February 13. This move follows the government's refusal to retract the 15 percent Value Added Tax (VAT) imposed on electricity, further exacerbating the financial woes of citizens as argued by the TUC and its affiliates.
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Opposition's Critique and Public Outcry
The National Democratic Congress (NDC) has accused the ruling New Patriotic Party (NPP) government of introducing over 50 new taxes since 2017, sparking widespread discontent among the populace. Recent tax additions, such as the Value Added Tax (VAT) on residential electricity consumption and the Emissions Levy, have elicited public outrage due to their perceived burden on already strained taxpayers.
Protests and Opposition Actions
In response to the mounting tax burdens, the Trades Union Congress (TUC) and 35 organized labor unions have announced plans to stage a demonstration on Tuesday, February 13. This move follows the government's refusal to retract the 15 percent Value Added Tax (VAT) imposed on electricity, further exacerbating the financial woes of citizens as argued by the TUC and its affiliates.
Shop With Us: https://www.etsy.com/shop/SokoMalls
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