{"id":159563,"date":"2024-03-07T13:00:15","date_gmt":"2024-03-07T13:00:15","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/03\/07\/make-revenue-regimes-effective-seth-terkper\/"},"modified":"2024-03-07T13:00:15","modified_gmt":"2024-03-07T13:00:15","slug":"make-revenue-regimes-effective-seth-terkper","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/03\/07\/make-revenue-regimes-effective-seth-terkper\/","title":{"rendered":"Make Revenue Regimes Effective \u2013 Seth Terkper"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong><em>Seth Terkper<\/em><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>Former Finance Minister, Seth Terkper, has advised the government to focus on making the country\u2019s four major revenue streams effective to produce the needed revenue for economic development and sustainability.<\/p>\n<p>The revenue handles are income tax [personal and corporate], Value Added Tax (VAT), petroleum tax, and import duty.<\/p>\n<p>\u201cAs a developing\/lower middle-income country, these are the four core taxes, which are the pillars of our revenue regime, and making them work would be to our gain, and help us avoid going back for external support periodically\u201d he said.<\/p>\n<p>Mr Terkper said in an interview with the Ghana News Agency (GNA) on Wednesday, February 28, after he delivered a speech at a public dialogue organised by the PFM Tax Africa Network.<\/p>\n<p>The dialogue was on Ghana\u2019s ongoing US$3 billion loan-support programme with the International Monetary Fund (IMF).<\/p>\n<p>\u201cIf you take the whole of the about 15 levies we have, they\u2019re not contributing more than six per cent to Gross Domestic Product (GDP), and are distorting the primary, which hurts businesses, even the more,\u201d he said.<\/p>\n<p>He urged the government to scrap the Electronic Transactions Levy (E-levy), and not introduce the 15 per cent VAT on electricity and emission tax, expressing confidence that doing so would engender compliance in existing tax handles.<\/p>\n<p>\u201cThe levies are distortive, and encouraging evasion and avoidance, so let\u2019s clear them and focus on the country\u2019s pillar tax regimes,\u201d the former Finance Minister said.<\/p>\n<p>He expressed concern, saying, \u201cFor example, Integrated Tax Administration System (ITAS) \u2013 a digitisation measure that can help us expand the tax base has been there for more than seven years, and we\u2019ve not been able to introduce a domestic IT system for the Ghana Revenue Authority when the plan and World Bank funding was there.\u201d<\/p>\n<p>He also called for pragmatic efforts in having a debt management policy that would discourage the government from borrowing beyond certain threshold and ensure timely repayment.<\/p>\n<p>On the way forward in the implementation of the US$3bn loan-support programme, IMF, he said Ghana must be steadfast in policy and reform implementation.<\/p>\n<p>That, the Fund said should include measures that would shore up revenue, and reduce expenditure, to ensure durable restoration of macroeconomic stability and debt sustainability.<\/p>\n<p><strong>A Business Desk Report<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Seth Terkper \u00a0 Former Finance Minister, Seth Terkper, has advised the government to focus on making the country\u2019s four major revenue streams effective to produce the needed revenue for economic development and sustainability. The revenue handles are income tax [personal and corporate], Value Added Tax (VAT), petroleum tax, and import duty. \u201cAs a developing\/lower middle-income [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":159564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-159563","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>Make Revenue Regimes Effective \u2013 Seth Terkper - 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\/03\/07\/make-revenue-regimes-effective-seth-terkper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Make Revenue Regimes Effective \u2013 Seth Terkper - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Seth Terkper \u00a0 Former Finance Minister, Seth Terkper, has advised the government to focus on making the country\u2019s four major revenue streams effective to produce the needed revenue for economic development and sustainability. 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