Business News of Sunday, 20 May 2018
Source: citinewsroom.com
2018-05-20
First Deputy Speaker of Parliament, Joseph Osei Owusu
The first Deputy Speaker of Parliament, Joseph Osei Owusu has charged citizens to expose others who evade tax.
According to him, the action of such tax evaders amounts to wrecking nation as it denies the country the much-needed revenue to develop.
Speaking at the programme for journalists on taxation in Prampram, the Bekwai MP entreated citizens to pay taxes regularly.
“We should know as a people that taxes are the means by which we build a nation. Talk about unemployment, talk about resources to invest in areas to generate jobs. Talk about infrastructure. We are talking about resources to build the roads we want and therefore it is the responsibility of every Ghanaian to pay his or her tax and point out those who are not paying and ensure that they pay.”
Ghana loses 2.1 billion dollars to tax evasion annually
A 2016 report by the Integrated Social Development Centre (ISODEC), a civil society organisation revealed that Ghana loses nearly 2.1 billion dollars to tax evasion and incentives annually.
According to the study, which was conducted on behalf of the National Coordinating Council of the Public Services International (PSI), there was the loss of revenue in excess of $4.9 billion from 1970 and 2008, as a result of the tax evasions by corporate groups, individuals, multinationals and other organisations operating in the country.
Such entities, according to the report, either dodge or evade taxes and under declare their incomes or engage in illicit trade, which affects the tax net, leading to the running down of the national revenue.
The Tax Identification Number (TIN) which was introduced in April 2018 is expected to broaden the country’s revenue to help increase developmental projects in the country.