2019 Budget to improve corporate tax mobilization – Finance Minister

Business News of Monday, 22 October 2018

Source: citibusinessnews.com

2018-10-22

Finance Minister, Ken Ofori-Atta

As government engages different business associations ahead of the 2019 National Budget which is scheduled for next month, Finance Minister, Ken Ofori-Atta has maintained that corporate entities will be encouraged to file their tax returns in the budget through several initiatives.

Already, the Trades Union Congress has stated that it does not expect new taxes in the 2019 budget.

But speaking to corporate companies at a budget forum, Finance Minister, Ken Ofori-Atta disclosed that lots of corporate companies have defaulted in paying taxes to the tune of three billion cedis.

He stated that most of the PAYE companies in the country have issues in paying taxes, resulting in government losing lots revenue.

“If we look at PAYE companies. There are about 888 of them, there is about 67 percent (540) that are paying regularly, and then another 350 that have issues and of that about 223 are not even attempting to file their tax”, he said.

Mr. Ofori-Atta said the situation provides a challenge to the Ghana Revenue Authority to design effective methods of getting the funds for government.

“It is either the problem is from the GRA, or I don’t understand the your (companies) challenges. Because clearly GRA needs to do better”.

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