Ghanatodayonline.com News, Politics, Health, Education & More
Dr. Cassiel Ato Forson, the Minister-Designate for Finance, has emphasized how crucial compliance is to increasing Ghana’s income.
He feels that considering the nation’s significant potential for income mobilization, there is no need to raise taxes.
“I have studied Ghana’s economy for some time now and without mincing words, Ghana has potential when it comes to tax revenue mobilisation. We don’t necessarily have to increase taxes before you rake in revenue. We have the handles, what we need to do is to improve compliance.”
Dr. Ato Forson promised to increase the tax revenue-to-GDP ratio from 13.8% to 16% if approved during his January 13 vetting by the Appointments Committee of Parliament.
“I will work with the GRA, the tax policy unit of the Ministry of Finance to ensure that we increase compliance, and ensure that we raise the revenue as much as we can.
“In the medium term, it is my vision when approved to increase the tax revenue from 13.8% of GDP to 16% -18%. By this, we will be able to compare ourselves to our peers. I believe the potentials are out there, but it doesn’t necessarily mean we should increase taxes.”
The Mahama administration is still dedicated to eliminating some taxes, the Finance Minister-Designate promised.
Source: Ghanatodayonline.com
