Taxes Archives - Wontumi Online

01 May

Prices To Increase As Implementation Of 3 New Taxes Begin On May 1

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The Ghana Revenue Authority revealed that the implementation of the three new and revised taxes passed by parliament will begin on May 1, 2023. A notice by the Authority noted that businesses had been given enough time to configure their systems for the taxes to be implemented since the law was passed. Meanwhile, the Ghana Union of Traders Association has noted that this may result in an increase in the price of goods and services as they may be forced to pass on the extra cost to consumers. The new and revised taxes include three key tax measures – the…

06 Feb

Most Businesses Perceive Improved Economic Environment; But Corruption, Taxes Hinder Progress – UKGCC

The UK- Ghana Chamber of Commerce (UKGCC), a member-based trade association that promotes trade between the UK and Ghana, has released the 4th edition of its annual Ghana Business Environment and Competitive Survey Report for the year 2022. Over 300 companies from 16 industries, ranging from small to large companies, participated in the survey. The survey results indicate that most businesses perceive the business environment in 2022 has improved over 2021. However, they continue to be held back by challenges such as corruption, Ghana’s taxation system, the price of land and power, and present additional economic obstacles. Businesses continue to list…

25 Nov

The Vulnerable Are The Greatest Beneficiaries Of Taxes- Hon. George Obeng Takyi

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The Member of Parliament of Manso Nkwanta, George Obeng Takyi, has said that the greatest beneficiaries of tax paid to the state are the vulnerable. Describing the 2023 “Nkabom” Budget as a panacea to Ghana’s economic recovery, the lawmaker noted, it will be prudent that Ghanaians accept the fact that taxes are critical and play a vital role in the development of every country and the need to willingly pay it. Explaining this on Movement in the Morning show on Movement TV/Wontumi Radio, he used the free SHS policy as an example saying that "the greatest beneficiaries of this policy…

21 Nov

88% Of Business Leaders Believe Government Taxes Are Too Many – KPMG Survey

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Eighty-eight percent of business leaders surveyed by accounting and auditing firm, KPMG, have revealed that the government takes too many taxes and yet there is little to show for these taxes. Again, 51.4% of the respondents want that the Electronic Transaction Levy (e-levy) reviewed. Furthermore, petroleum and import duties/levies were singled out as taxes that needed to be reconsidered in order to reduce the rising cost of doing business. They also urged government to reduce the number of ministers, scrap ex-gratia and make it a one-time payment when leaving office and not pay ex-gratia after every four years, whilst import…