No Result
View All Result
Monday, February 6, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

  • TECHNOLOGY

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

  • TECHNOLOGY

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

New VAT charges will deter SMEs from banking – Economist

bycitibusinessnews
June 10, 2014
in Business, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

A Lecturer at the University of Ghana, Dr. Ebo Turkson says the implementation of the 17.5 percent Value Added Tax (VAT) charge on financial services will deter Small and Medium Enterprises(SMEs), as well as micro financial institutions from banking.

“Some of these enterprises are very small , they are micro enterprises who do not bank a lot and therefore the small amount of money that are taken out of their account because the banks are charging them and pushing forward the VAT charges that government has imposed will deter some of them from banking,” Dr. Turkson explained.

The Ghana Revenue Authority (GRA) recently released a list of what they describe as non-core banking  services that would now attract the 17.5 VAT charge

The list released affects nearly all services banks offer.

Speaking on the Citi Breakfast Show, Dr. Turkson said it is inappropriate for government to label all banking services and ask bank customers to pay VAT on them.

“If there are special services that the banks are rendering hence the government wants them to pay taxes, government should concentrate on those ones and not label all banking services and ask bank customers to pay VAT on them,” Dr. Turkson insisted.

Speaking on some challenges facing SMEs in the country, Dr. Turkson said the lack of access to credit is a major problem for SMEs.

According to him, challenges facing the SMEs  have been aggravated by government’s decision to scrap them out of the credit market.

Citing other challenges , Dr. Turkson said most of the SMEs in the country do not have access to financing from banks because they lack the necessary requirements the respective banks demand.

“Some of the SME’s are not registered, they don’t keep records of accounts , they don’t have business addresses and these are the things that the banks will require if you need finance from them,” Dr. Turkson explained.

Asked why the micro finance institutions are not able to bridge the gap between the SMEs, Dr. Turkson said “these micro finance institutions intend to lend to the SMEs at very low rates but they cannot find the finance they need to propel them[SMEs] to those levels.”

In places such as Kenya, technology gives an opportunity for people to bank even if there is no access to a traditional bank.

Asked why technology and mobile banking is not bridging the gap in Ghana, Dr. Turkson said “to attract some of these interventions in this country, you need to create a very business friendly environment for those who have such resources to come and help but unfortunately, our business environment is not friendly.”

 

By: Marian Efe Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

ADVERTISEMENT

Related Posts

Local Economy

Gold-for-oil: Govt spent $40m on first consignment – NPA

bycitibusinessnews

The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the...

Read more

Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

Government to securitize $3.3bn in Central Bank loans

Ghana withdraws $672m back-tax demand from MTN Group

Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

Deadline for debt exchange program moved to February 7 with new terms

Next Post

EPA defends permit granted Tullow Oil to flare gas

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.