{"id":147956,"date":"2024-02-06T07:21:53","date_gmt":"2024-02-06T07:21:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/02\/06\/ghana-experiencing-worst-punitive-tax-regime-ever\/"},"modified":"2024-02-06T07:21:53","modified_gmt":"2024-02-06T07:21:53","slug":"ghana-experiencing-worst-punitive-tax-regime-ever","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/02\/06\/ghana-experiencing-worst-punitive-tax-regime-ever\/","title":{"rendered":"Ghana experiencing worst punitive tax regime ever"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"content\" tabindex=\"0\" aria-description=\"\">\n<div class=\"ac-container ac-adaptiveCard\">\n<div class=\"ac-textBlock\">\n<p>Former Finance Minister, Seth Terkper, has stated that the current tax regime in Ghana is the most severe and punitive in the nation\u2019s history.<\/p>\n<p>The opposition National Democratic Congress has accused the New Patriotic Party government of <strong>introducing over 50 new taxes<\/strong> since 2017.<\/p>\n<p>The continuous imposition of taxes has sparked public outrage in Ghana. The most recent taxes slapped on Ghanaians are the Value Added Tax (VAT) on residential electricity usage and the Emissions levy.<\/p>\n<p>In an interview with <strong>Citi News<\/strong>\u2018 Hanson Agyemang on Monday, Mr. Terkper insisted that the country\u2019s current tax rates are excessively high.<\/p>\n<p>He explained that such high rates could potentially drive individuals to seek ways to evade these taxes.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cI think we are seeing the worst of the tax system\u2026 It is the most punitive and worst tax structure that we have had. And as with every tax that is punitive, you will end up not collecting, or generating as much revenue as possible,\u201d he said.<\/p>\n<p>He further underscored that \u201cBut more importantly, when you begin to introduce punitive taxes, taxpayers find ways and means of evading and avoiding the tax. So if you have a simplified tax regime it is better and compliance increases. And the evidence is that if you look at our tax-to-GDP ratio well until recently as GRA is claiming, the highest point at which revenue was collected was 2015 per the percentage of GDP, not nominal terms.\u201d<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spam, just the stories that truly matter! \ud83c\udf10\ud83d\udcf0 #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former Finance Minister, Seth Terkper, has stated that the current tax regime in Ghana is the most severe and punitive in the nation\u2019s history. The opposition National Democratic Congress has accused the New Patriotic Party government of introducing over 50 new taxes since 2017. The continuous imposition of taxes has sparked public outrage in Ghana. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":147957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-147956","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana experiencing worst punitive tax regime ever - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/02\/06\/ghana-experiencing-worst-punitive-tax-regime-ever\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana experiencing worst punitive tax regime ever - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Former Finance Minister, Seth Terkper, has stated that the current tax regime in Ghana is the most severe and punitive in the nation\u2019s history. The opposition National Democratic Congress has accused the New Patriotic Party government of introducing over 50 new taxes since 2017. The continuous imposition of taxes has sparked public outrage in Ghana. 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