{"id":733735,"date":"2019-10-29T21:00:41","date_gmt":"2019-10-29T21:00:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/29\/rural-banks-appeals-to-govt-over-tax-hike\/"},"modified":"2019-10-29T21:00:41","modified_gmt":"2019-10-29T21:00:41","slug":"rural-banks-appeals-to-govt-over-tax-hike","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/29\/rural-banks-appeals-to-govt-over-tax-hike\/","title":{"rendered":"Rural Banks Appeals To Gov’t Over Tax Hike"},"content":{"rendered":"

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The Association of Rural Banks, Ghana, has urged the President Nana Akufo-Addo\u2019s Government to ensure the reduction of corporate income tax of rural and community banks (RCBs).<\/p>\n

According to the Association, one of the issues that keeps worrying it is the hike in corporate income tax paid by RCBs from 8 percent to 25 percent.<\/p>\n

It said the upward review of the corporate income tax has affected the RCBs greatly, leading to a slow down in their investments in corporate social responsibility programmes and investment in the improvement of their systems and processes as well as branch network expansion.<\/p>\n

National President of the Association, Daniel Ohene Owusu, made the appeal in a speech at the launch of the 7th Rural Banking Week Celebrations on Tuesday, October 29, 2019, in Accra.<\/p>\n

This year\u2019s celebration is under the theme: \u201cThe Role of Rural and Community Banks in Financial Inclusion.\u201d<\/p>\n

According to Mr. Owusu, the RCBs are key partners in national development, especially in the areas of operation.<\/p>\n

He complained that although the Association has made several representations to the authorities, \u201cwe have not been successful at getting a concession for a downward review of the 25 percent income tax on the RCBs.\u201d<\/p>\n

He added that the Association believed that \u201creducing the income tax on the RCBs would allow them to expand their operations and help increase financial services to the unbanked and underserved parts of the country and thereby speed up Government\u2019s financial inclusion agenda.\u201d<\/p>\n

\"\"<\/figure>\n

The Association also appealed to the Government and the Bank of Ghana, to endeavor to bring on board the Association in deliberations on regulatory and policy interventions, which directly affects the Rural Banking sector.<\/p>\n

Mr. Owusu indicated that \u201cit is crucial to engage and involve the Association because, the lack of consultations, we believe, create policy implementation challenges.\u201d<\/p>\n

The Association of Rural Banks was formed in 1981 with the support of the Bank of Ghana and the World Bank.<\/p>\n

It has the mandate of providing advocacy services for the RCBs and to serve as the main activism group of the member banks.<\/p>\n

The climax of this year\u2019s celebration is slated to take place in Takoradi on Saturday, November 16, 2019.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Association of Rural Banks, Ghana, has urged the President Nana Akufo-Addo\u2019s Government to ensure the reduction of corporate income tax of rural and community banks (RCBs). According to the Association, one of the issues that keeps worrying it is the hike in corporate income tax paid by RCBs from 8 percent to 25 percent. 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