Rural Banks cry over ‘killer’ tax

The Ashanti Regional Chapter of the Association of Rural Banks is in tears over what it termed as a ‘killer’ tax imposed on banks.

According to the branch, Corporate Tax for rural banks has been increased from 8% to 25% within just three years, and noted that the sharp increase is having adverse effects on their finances and delivery.

The branch has therefore appealed to the appropriate authorities to reduce the tax figure to help lessen their burden.

Patrick Owusu, the Ashanti Regional President of the Association of Rural Banks, made the passionate appeal during the grand opening of the Asokore Mampong Rural Bank on Tuesday afternoon.

“We are appealing to government to reduce the corporate tax for rural banks to at least 15% or even less.

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“We know that we are supposed to pay tax to help develop the country, but our tax is too expensive”, he cried.

He appealed to the public to transact business with rural banks, since they (rural banks) mean business.

“Don’t let the word rural become a stigma. We support both small and mighty businesses to develop”, he noted.

He said Ashanti region boasts of 23 different rural banks, which together have about 185 branches in the region and boasts of 2.5 million clients.