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Business News of Sunday, 18 October 2020

Source: Laud Business

Make it easier for businesses to pay taxes – PEF to govt

The Chief Executive Officer of Private Enterprise Federation (PEF), Nana Osei Bonsu, has asked the government to make it easier for businesses to pay taxes in the country.

He his will help government generate adequate revenue.

As of 2016, data from the Registrar of Companies at the Registrar General’s Department indicated that even though MSMEs make-up about ninety-two percent of registered companies they contribute only about four percent to the country’s domestic tax revenue.

Speaking at the launch of the PEF/ OSIWA research into Ghana’s tax regime and the need for reforms in taxing MSMEs, the Chief Executive Officer of PEF, Nana Osei Bonsu, said it is important for tax rates applicable to MSMEs to be reduced in addition to massive tax education by the Ghana Revenue Authority for taxpayers.

“What we are advocating for, is for government to make it easy for businesses to pay their taxes. If we want to increase the tax revenues to government, there should be more tax payers paying their taxes. But that is not the case. If you lower the tax rate, more people will be willing to pay,” he said.

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