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Business News of Thursday, 29 July 2021

Source: rainbowradioonline.com

Introduce no taxes, review our fiscal targets in mid-year budget review - Economist

Economist, Emmanuel Amoah Darkwah Economist, Emmanuel Amoah Darkwah

Economist, Emmanuel Amoah Darkwah has stated that it would be disappointing for the government to introduce new taxes in the mid-year budget review presentation today, Thursday, July 29, 2021.

Although he called for enhanced ways in mobilising resources internally, he said the current situation we find ourselves in is not conducive to the introduction of new taxes.

He was speaking on 'Frontline' on Rainbow Radio 87.5FM with Kwabena Agyapong.

He also wants a review of our fiscal targets either through our expenditure or revenue mobilisation considering what is happening now.

He further wants an update on the tax bill especially, when we are not raising a lot of revenue but giving out tax exemptions to foreign corporations.

He lamented tax exemptions to our GDP is high, thus we have to find ways internally to resolve these challenges.

He wants to know how soon we can pass the bill to enhance revenue mobilisation.

He as well wants the Minister to tell Ghanaians how the government intends to link the Ghana Card and other digitization tools to enhance revenue mobilization.

He said our total revenue to GDP is about 15% when we should be doing 22% as a lower-middle-income country.

He added if we are not raising a lot of revenue but our expenditure exceeds our target, then we would be forced to borrow.