Member of Parliament for Mpraeso, David Opoku Ansah has indicated that the Akufo-Addo administration is using the taxes that are being collected for their intended purposes.<\/strong><\/p>\nHe said there are ongoing development projects that are being funded with taxes.<\/p>\n
Contributing to a discussion on TV3\u2019s Big Issue Tuesday, April 4 on the three revenue bills \u2013 Excise Duty, Growth and Sustainability Levy and Income Amendment Bills that have been approved by Parliament on Friday March 31, he indicated that during the peak of Covid the government paid workers who were at home due to the outbreak of the virus.<\/p>\n
The payment, he said, was possible due to the taxes that the government collects<\/p>\n
\u201cI can assure you that the taxes are being used for the purposes of which they are collected,\u201d Mr Davies OpokuAppeaih said.<\/p>\n
Regarding the approved taxes, the Association of Ghana Industries (AGI) said that businesses may have no option than to cut down on expenditure and production levels to stay within budget.<\/p>\n
The AGI registered its disappointment at the passage of the three revenue bills by Parliament.<\/p>\n
It said the approval on Friday, March 31 came on the heels of an already harsh business climate.<\/p>\n
The passage of these bills poses very dire consequences for Industry.<\/p>\n
\u201cWe continue to experience a tax regime that does not motivate local production and formal business operations.<\/p>\n
\u201cWe denounce the lack of stakeholder consultation on such fiscal policies, which have negative impact on businesses. AGI took steps to make input to the bills and it\u2019s
obvious that our submissions did not receive the consideration we expected,\u201d a statement issued by the AGI said.<\/p>\n
\u201cContrary to Government\u2019s ambitious revenue projection which largely hinges on the
performance of Industry, we foresee a contraction in manufacturing and other related
business activities.<\/p>\n
\u201cBusinesses may have no option than to cut down on expenditure and production levels to stay within budget.<\/p>\n
\u201cWith the foregoing, Government risks missing its revenue target if industry has to contend with these new taxes. While we reckon that Government needs revenue, fiscal prudence is crucial. We appreciate the urgent need of the IMF measures, but this should not be at the expense of growth in our industrial sector.<\/p>\n
Indeed, it is in the mutual interest of industry and Government to sustain Agriculture and
Industrial sectors which hold the key to job creation.<\/p>\n
\u201cWe call on Government to engage AGI on measures to incentivise our local industries to
forestall the negative consequences of these policies. To this end, we welcome the
opportunity to dialogue with Government on how to save jobs and the strategic options to
explore in cushioning our local industries. AGI wishes to assure its members that the Association will continue to engage Government on such fiscal policies to bring positive reviews in subsequent national budget statements.\u201d<\/p>\n
By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Member of Parliament for Mpraeso, Davies Opoku Ansah Member of Parliament for Mpraeso, David Opoku Ansah has indicated that the Akufo-Addo administration is using the taxes that are being collected for their intended purposes. He said there are ongoing development projects that are being funded with taxes. Contributing to a discussion on TV3\u2019s Big Issue […]<\/p>\n","protected":false},"author":1,"featured_media":54043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-54042","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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![\"\"](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/Davis-Opoku-Ansah-696x464.jpeg\" "\\"Davis-Opoku-Ansah\\"\/")