The Ghana National Chamber of Commerce and Industry is warning of the collapse of many businesses in Ghana, following the signing into law the three new tax bills by President Akufo-Addo.
Parliament recently passed the three new tax bills – the Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, the Income Tax (Amendment) (No. 2) Bill, 2022, and the Growth and Sustainability Levy Bill, 2022.
But this move, according to the Chief Executive of the Chamber, Mark Badu-Aboagye, is dangerous and would force many businesses to relocate to other countries.
“We are not happy, we are highly disappointed that this bill has been accented and has become a law. Actually, we sent a petition to the president of Ghana to at least give us a hearing, and also inform him about the difficulties we are going through and even forward some recommendations on how they can still get the revenue and also bring some relief to businesses”.
“But unfortunately the president [Akufo-Addo] has ignored all the concerns that we raised; so definitely, we are not happy but this does not take away the fact that these taxes are inimical and counterproductive and is not going to help businesses”, he lamented.
Cost of doing business too high
Mr. Badu-Aboagye pointed out that businesses are already overwhelmed with so many taxes and therefore any additional taxes will be inimical to their growth.
“We’ve made it clear that already, businesses are suffering. The cost of doing business is high, we have a lot of taxes that businesses are already paying, so any additional taxes to the existing tax is not going to be in the interest of businesses”.
He continued that research conducted by his outfit revealed that though business in Ghana are profit and growth oriented, too many taxes and rising interest rates have pushed them into loss positions.
“In fact, the research that we conducted not long ago indicated that businesses in Ghana are profit and growth oriented, but when these taxes and interest rates are factored in, then most of them begin to run at a loss. So with these taxes, businesses are going to collapse and others have started relocating…… those who would want to take advantage of better deserved conditions are relocating and businesses
Latest Stories
-
Kick2build commissions 5 libraries in Klo Agogo, donates school supplies
7 minutes -
Slim and Fit Ghana donates to kids at Motherly Love Orphanage in Kwabenya
20 minutes -
We’ll be reorganising ourselves for the battles of tomorrow – NPP
24 minutes -
Ghanaian teacher Morkporkpor Fiador’s GWR Read-A-Thon attempt postponed
32 minutes -
Revocation of licences of UT, Capital banks were strict requirements from IMF – Dr. Addison
33 minutes -
MP Cynthia Morrison among 280 members expelled by Agona West NPP
42 minutes -
NPP to set up committee to investigate 2024 election defeat – Stephen Ntim
59 minutes -
New Juaben North NDC executives intercept 24k bags of fertiliser at Koforidua
2 hours -
Luigi Mangione pleads not guilty to murdering healthcare CEO
2 hours -
GhLA opens applications for 2nd Edition of Youth Advocacy Challenge
2 hours -
Remote Work in Africa; the Doballi solution
2 hours -
Stephen Ntim rallies NPP members after 2024 election loss
2 hours -
AratheJay ignites the night with mesmerising ‘Nimo Live’ debut concert
2 hours -
Diplomatic Corps in Ghana applaud Bawumia
2 hours -
Drought hits over 58,700 hectares of crops in Oti Region
3 hours