Key business associations to hold mammoth presser over passage of new taxes

Key business associations in the country are expected to converge in the capital to register their displeasure following the passage of three revenue bills by parliament.

GhanaWeb Business understands that the associations are unhappy about the decision of government to introduce new taxes amid the current economic challenges and its impact on livelihoods and businesses.

The business associations will hold a press conference in Accra on April 4, 2023 to lay down the concerns over the development.

Meanwhile, parliament on Friday March 31 pushed through the passage of three revenue bills which government believes is necessary to help clinch a Board Level from the IMF and boost domestic revenue efforts.

The taxes passed include Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill.

These Bills, when implemented, will lead to a revenue yield of approximately GH¢3.96 billion.

The Growth and Sustainability Levy is expected to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.

The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.

Although government believes it can rake in significant revenue from these bills annually, some Ghanaians have lambasted government over the move to introduce new taxes even as citizens continue to struggle to make ends meet amid rising inflation, fuel price hikes and among others.

In addition to this, businesses in the country are projected to downsize on their operations in order to stay afloat.

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