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Business News of Friday, 25 February 2022


Ghana loses GH¢5 billion annually through tax waivers – Apaak

Builsa South Member of Parliament, Dr. Clement Apaak Builsa South Member of Parliament, Dr. Clement Apaak

Builsa South Member of Parliament, Dr. Clement Apaak has revealed that Ghana loses GH¢5 billion every year through tax waivers, situations in which a person or organization does not have to pay tax.

He said this on the Sunrise show on 3FM while highlighting the loopholes in the tax payment system in Ghana and what can be done to address the situation.

“I have talked constantly about the loopholes particularly, at our ports, where importers bring goods, they are to pay taxes and they don’t pay those taxes, or schemes are set up and operationalized for them to pay less than they should be paying, where people who are politically connected are known to be evading taxes or not paying taxes.

In terms of tax waivers, this country loses revenue in excess of five billion cedis a year through tax waivers and tax waivers are granted by the executives, they bring it to parliament.”

His colleague North Tongu lawmaker, Samuel Okudzeto Ablakwa, had also accused the government of aiding big businesses to rig the system.

He stated that the government was presenting tax exemption requests worth $100million to parliament in favor of these businesses.

This comes at a time the country is claiming revenue shortfalls hence, the introduction of the E-levy bill in Parliament, Mr. Ablakwa said.

“This week alone government presented a tax exemptions request to Parliament in favor of giant companies valued at about 100million dollars,” Mr. Ablakwa tweeted on Saturday, February 12.

He added, “A government claiming revenue shortfalls and desperate to implement an obnoxious and regressive E-levy which is most punitive to the poor should not be aiding bid businesses to rig the system.”