{"id":141164,"date":"2024-01-19T16:38:24","date_gmt":"2024-01-19T16:38:24","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/19\/the-next-administration-may-not-have-opportunity-to-tax-anything-franklin-cudjoe\/"},"modified":"2024-01-19T16:38:24","modified_gmt":"2024-01-19T16:38:24","slug":"the-next-administration-may-not-have-opportunity-to-tax-anything-franklin-cudjoe","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/19\/the-next-administration-may-not-have-opportunity-to-tax-anything-franklin-cudjoe\/","title":{"rendered":"The next administration may not have opportunity to tax anything \u2013 Franklin Cudjoe \u2013"},"content":{"rendered":"
<\/p>\n
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Almost everything in Ghana has been taxed by the current administration leaving very little room for the next administration to levy the people, Founding President of IMANI Africa, Franklin Cudjoe, has said.<\/strong><\/p>\n
Mr Cudjoe observed that the government has been trying to resuscitate the economy through taxation hence the numerous taxes that have been introduced including the Value Added Tax (VAT) on electricity consumption.<\/p>\n
The Ministry of Finance announced that the implementation of the 15% VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870) has commenced.<\/p>\n
It started effective 1\u2033 January 2024.<\/p>\n
This formed part of the implementation of the Government\u2019s Medium-Term Revenue Strategy and the International Monetary Fund (IMF) Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the Ministry said.<\/p>\n
For the avoidance of doubt, a statement issued by the Ministry said, VAT is still exempt for \u201ca supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units\u201d in line with Section 35 and 37 and the First Schedule (9) of Act 870.<\/p>\n
\u201cThe Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) are, hereby, requested to liaise with the Ghana Revenue Authority (GRA) to ensure that the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units takes effect on 1 January 2024, in line with Sectio35 and 37 and the First Schedule (9) of Act 870,\u201d it said.<\/p>\n
\u201c By a copy of this letter GRA is requested to ensure that it liaises with ECG and NEDCO for the transfer of the revenues collected from the implementation of VAT on the subject matter as part of its domestic VAT collections,\u201d it added.<\/p>\n<\/figure>\n
Speaking in an interview on the Ghana Tonight show on TV3, Mr Cudjoe said \u201cI have lost count of the number of taxes we have, don\u2019t forget we have run the economy into the ground and we have been trying to salvage it through taxation.<\/p>\n
\u201cI thought that the next administration may not even have the opportunity to tax anything at all because this administration has taxed us almost to a halt. It is in that spirit that I said the next administration must be pitying.<\/p>\n
\u201cClearly speaking, if the next administration has plans to develop this country through taxation I am sure people will start asking questions as to whether we haven\u2019t really reached the zenith of taxation in this country.<\/p>\n
\u201cThis means the next administration must do a lot of hard work, rationalize the taxation system we have right now and decide whether they want to continue to grow the economy through enterprise support, which will mean that they will have to relax some of the taxes that we already have or they may have to rationalise the taxes that we have right now in order to ensure that the productive elements of the economy are protected and encourage to grow.<\/p>\n
\u201cOtherwise, as we all know we are in a bind right now and the economy is not going to get better until 2028, that is the forecast we know.\u201d<\/p>\n
Almost everything in Ghana has been taxed by the current administration leaving very little room for the next administration to levy the people, Founding President of IMANI Africa, Franklin Cudjoe, has said. Mr Cudjoe observed that the government has been trying to resuscitate the economy through taxation hence the numerous taxes that have been introduced […]<\/p>\n","protected":false},"author":1,"featured_media":110793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-141164","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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