While speaking during the launch of the PEF/OSIWA into the tax regime of Ghana, Nana Osei Bonsu, the Private Enterprise’s Federation’s (PEF) Chief Executive Officer, urged the government to come up with easy tax payment procedures through which businesses can pay their taxes in a bid to generate more revenue. Bonsu further advocated for reforms that will lead to a reduction in MSMEs’ applicable tax rates besides urging the Ghana Revenue Authority to effectively educate taxpayers on easy tax payment procedures.
“What we are advocating for is for the government to make it easy for businesses to pay their taxes. If we want to increase the tax revenues to the government, there should be more tax payers paying their taxes. But that is not the case. If you lower the tax rate, more people will be willing to pay,” said the Chief Executive Officer.
According to data from the Registrar of Companies as of the year 2016, MSMEs contribute up to about only 4% of the domestic tax revenue although they make up to about 92% of the registered companies in Ghana. It is with such unrealistic tax figures that the Chief Executive Officer urged the government to revise the tax system and come up with an easy tax payment procedure.
Make Tax Payment Easier, PEF Urges Government
