Government to widen tax net- Terkper

Seth Terkper, Finance Minister

Seth Terkper, Finance Minister

Finance Minister, Seth Terpker has indicated that government is looking at widening the tax net this year to meet revenue shortfalls.

Analysts have argued that government might be forced to increase taxes significantly to address revenue shortfalls.

The country is currently spending more than what it collects as revenue, while 60 percent of its total tax collected goes to settle public wages.

Speaking to Joy Business at a meeting with business associations on their inputs for the 2013 budget, Mr. Terpker said widening the tax net is critical for the economy.

He said with Ghana becoming a middle income country it is important it generates more resources which befits a middle income country.

He said they policy is not necessarily to increase taxes but widen the tax net by bring in many people who do not pay taxes.