President Nana Addo Dankwa Akufo Addo has been urged to either remove or review the Tormenting Taxes that were introduced by the Government as part of the conditions to secure the $3 billion IMF deal.
The convener of Coalition of Small Business Owners(CSBO), Justice Ayeh Donkor noted that the existing tax policies and the tax structure under Akufo-Addo’s Government is undermining the growth, performance and the revenues of Private Sector led businesses.
In support of the position of the Ghana National Chamber of Commerce and Industry(GNCCI), the Government should consider introduction of tax reliefs in the upcoming 2023 Mid-Year Budget Review as a means of cushioning the suffering and struggling businesses in the Country.
Importantly, the Ministry of Finance should remove the unnecessary 20% and 10% taxes imposed on the revenue of lottery marketing/sports betting companies and winnings respectively.
Parliament of Ghana on March 31, 2023, passed the Income Tax(Amendment) Bill and President Akufo-Addo assented it into law. Among other things, the new income tax law re-introduced a 10% tax on lottery winnings after it was successfully removed in 2017, and a new unacceptable 20% tax on the revenue of Lottery/Sports Betting Companies. This is a very serious additional burden on the already over-taxed Private Companies in Ghana.
The threats by Ghana Revenue Authority(GRA) to close down all lottery/sports betting companies who fails to pay the 20% and 10% taxes on lottery and Sports betting is completely empty threats which shall be faced with serious resistance and demonstrations against NPP Government.
The Government should not be allowed to use taxes to destroy private businesses resulting in unemployment rate in the Country.
