Passage of new taxes will result in job layoffs and tougher times – TUC

The Trades Union Congress (TUC) is concerned that the passage of three revenue bills by parliament will further burden Ghanaians and plunge the country into tougher times.

On Friday March 31, 2023 parliament passed the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, the Ghana Revenue Authority Bill 2022, and the Income Tax Amendment Bill 2022 which were laid before the House for consideration by government.

Deputy Secretary-General, Joshua Ansah reacting to the development said the taxes will significantly impact on the livelihood of many consumers.

He further opined that the new revenue taxes will also force employers to lay off workers while businesses are already struggling to stay afloat amid the current economic challenges.

“The increase in taxes has its own positives and negatives. The negative effect of taxes is that manufacturers and companies who produce locally are to reduce employment when the tax burden is too much. Employers are going to lay off workers if they are unable to meet their income as against their expenditure,” the deputy TUC General Secretary stressed.

Meanwhile, various groups and associations in the business community have kicked against the decision to approve the three new revenue tax measures.

They have indicated that the implementation of these taxes will have dire consequences on local industries and the general economy.

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