{"id":413928,"date":"2017-09-03T05:14:00","date_gmt":"2017-09-03T05:14:00","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/09\/03\/rural-banks-raise-red-flags-over-high-taxes\/"},"modified":"2017-09-03T05:14:00","modified_gmt":"2017-09-03T05:14:00","slug":"rural-banks-raise-red-flags-over-high-taxes","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/09\/03\/rural-banks-raise-red-flags-over-high-taxes\/","title":{"rendered":"Rural banks raise red flags over high taxes"},"content":{"rendered":"

<\/p>\n

Dr. Nana Akowua Boamah<\/p>\n

\n

The Association of Rural Banks has said the existing 25 per cent corporate tax on its members could stifle their growth.
\u00a0
National President, Dr. Nana Akowua Boamah, acknowledged that although tax is essential for national development,\u00a0last year\u2019s increase of the tax from eight per cent to 25 per cent as astronomical.
\u00a0
\u201cWe are partners with government, we\u2019re in rural development. If we pay 25% of our profit to the government, how much will be left to take care of stakeholders and people in our communities,\u201d he bemoaned.
\u00a0
He said, the development will limit the capacity of the banks for social responsibility projects in local communities.
\u00a0
Dr. Akowuah Boamah was speaking at the 31st Annual General Meeting of Okomfo Anokye Rural Bank at Wiamoase in the Ashanti Region.<\/p>\n

According to the World Bank, rural development is a strategy meant to improve socio-economic life of the rural poor.<\/p>\n

Rural Banks, therefore, channel credit to productive ventures, especially, in their operational catchment areas.<\/p>\n

<\/p>\n

Dr. Akowua Boamah said the tax burden is taking a toll on banks and threatens the sustainability of social support services.<\/p>\n

Okomfo Anokye Rural Bank acknowledges electronic banking is now an integral component of core banking services.<\/p>\n

Board Chairman, Kennedy Obiri-Yeboah, said steps were being taken deploy modern technology to make its services more attractive.
\u00a0
He was optimistic about this year\u2019s economic outlook, and urged financial institutions to take advantage of the cedi stabilization to improve performance.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dr. Nana Akowua Boamah The Association of Rural Banks has said the existing 25 per cent corporate tax on its members could stifle their growth.\u00a0National President, Dr. Nana Akowua Boamah, acknowledged that although tax is essential for national development,\u00a0last year\u2019s increase of the tax from eight per cent to 25 per cent as astronomical.\u00a0\u201cWe are […]<\/p>\n","protected":false},"author":0,"featured_media":413929,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-413928","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nRural banks raise red flags over high taxes - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/09\/03\/rural-banks-raise-red-flags-over-high-taxes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rural banks raise red flags over high taxes - 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