
The Chief Executive Officer of the Ghana National Chamber of Commerce (GNCCI), Mark Badu Aboagye, has described the passage of the government’s three new taxes as detrimental.
He added that there are many taxes which are already breaking down businesses adding the new taxes will compound the cost of doing business in Ghana.
On Friday, March 31, Parliament passed the Excise Duty Amendment
Bill 2022, the Growth and Sustainability Levy Bill 2022, the Ghana Revenue Authority Bill 2022, and the Income Tax Amendment Bill 2022.
The financial bills seek to raise about 4 billion Ghana cedis annually as part of domestic revenue mobilization.
There are multiplicity of taxes in the country, Ghana is the only county that still taxing people for COVID-19.
The policy rate has just been increased to 25.5% that is translating into a lending rate of about 45% water and electricity have all gone up.
Mr Aboagye, slammed government for being insensitive to the plight of businesses.
He feared that businesses are likely to lay off more people due to the increase taxes by government.
The GNCCI will petition President Nana Addo Dankwa Akufo – Addo today April 4 over new taxes.
STORY BY LETICIA DADZIE