Event Director of Ghana Manufacturing Awards, Richard Abbey Jnr, has called on government to support local businesses for them to thrive.
He further said government needs to take a second look at the taxes on the importation of goods.
In his view, most manufacturing companies in Ghana import equipment and raw materials to aid their work, therefore, the payment of high import taxes may have a toll on their businesses.
Speaking in an exclusive interview with GhanaWeb Business on the sidelines of the 7th Ghana Manufacturing Awards held in Accra on Saturday, May 20, 2023, Richard Abbey Jnr said, “Government should find its way in supporting businesses in this country in that, the 1D1F is a good project but we would be happy for government to look at the importation taxes.”
He added that, “These our manufacturing companies bring in a lot of things; equipment, raw materials, etc. how do we strategise to the extent that we can also support them for them to bring in these things?”
It would be recalled that in April this year, President Nana Addo Dankwa Akufo-Addo assented three new revenue bills; Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill into law.
The Growth and Sustainability Levy is expected to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.
The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.
Reacting to this, members of the business community including the Ghana Union of Traders Association have said the introduction of these taxes will cause more harm than good.
They stated that the public would also bear the consequences as the prices of goods and services would witness an astronomical increment.
Source: Ghana Web
