President Mills underscore need for tax reforms

Accra, Sept 10, GNA - President John Atta Mills, on Thursday underscored the need for bold steps to reform the tax and financial administration of the country.

He said it was would not be out of place to tax progressive business entities and expressed concern about some companies that were doing well but were asking for tax rebates. President Mills, however, said it would be meaningless to impose taxes when profits were not made.

The President made observation when members of the Executive Council of the Chartered Institute of Taxation paid a courtesy call on him at the Osu Castle, Accra, at which they congratulated him on his ascendancy to the highest political office of the land. The call was to foster greater co-operation between the Institute and Government and to consider improved ways of raising revenue in the country.

It comes ahead of the celebration of the Institute's annual week, which comes off next week on the theme: "Tax Planning, An Effective Tool for Business Management in a Global Recession." The call had been scheduled a few days after the President, himself a tax expert, assumed the reigns of power last January, but had been postponed due to other pressing national issues.

President Mills thanked the tax experts for their visit, but said that "I hadn't had enough to warrant a visitation by the tax man." He stressed the need for motivation of local tax experts and use of more local content in the national development agenda. President Mills said a number of Ghanaian experts were making huge sums of money elsewhere an assured the delegation that Government would provide the fillip for them to enhance revenue generation. He said: "We would rely and utilize the store of knowledge that you have so that together we can build a better Ghana. There is hope. We need the money to drive the economy. We'll be calling on you for your advice."

Mr Yaw Asante Boadi, president of the Institute, said the group would support any reforms adding that efforts were underway to bring the national tax administration under a single roof and called for work to be expedited on the Taxation Bill for it to become law.

Source:
GNA

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