Business News of Friday, 26 August 2016
The Chartered Institute of Taxation (CIT)-Ghana says it is developing a blueprint to help build a tax base data for the country.
The data, after its completion is expected to enhance revenue mobilization while it deepens the tax net to cover all sectors of the economy.
Speaking at the sidelines of the 6th Annual International Tax Conference in Accra, the President of the Chartered Institute of Taxation, Nii Ayi Aryeetey stated that, the two-day conference will deliberate on how to use national identification schemes to build sustainable taxpayer data system.
“Legislation is a fundamental issue in enhancing or putting in place tax revenue measures. The conference will also look at innovative ways of expanding the tax net as a catalyst for national development,” she said.
He stated that the conference will look at how to develop a national identification system to improve tax collection.
Mr. Aryeetey explained that the conference has been planned to provide a veritable platform for focused professional interaction on topical issues affecting Ghana’s tax regime.
“This year’s conference throws the searchlight on the challenges in tax legislation that impact on strategies for revenue mobilization in our modern era, hence the theme; ‘Strategies for Revenue Mobilization in Contemporary Times: Challenges in Tax Legislation,” he said.
He argued that the success of most tax schemes is fundamentally influenced by the underlining tax legislation.
“In all cases, the existence of a reliable taxpayer database greatly compliments the tax legislation as well as the processes put in place by the revenue administration to ensure efficiency,” he said.
Linking a successful tax scheme to national development, Mr. Aryeetey maintained that the level of tax certainty determines the level of growth of businesses in a country.
He stated that there is a direct link between the efficacy of domestic revenue mobilization and the level of fiscal support for the country.