The Managing Director (MD) of Zenith Bank Ghana, Henry Oroh has called for more effort to improve tax compliance among Small and Medium Enterprises (SMEs) in the country.
He maintained that such a move will help improve domestic revenue mobilization to help government achieve its development agenda.
Speaking to Citi Business News after Zenith Bank held its maiden SMEs Breakfast forum which under the theme “Empowering the Private Sector to Maximize Revenue through Compliance with Ghana’s tax reforms”, Mr. Oroh underscored the need to encourage the private sector to pay taxes.
“It is part of our strategic direction to initiate customer engagement programs such as this to promote the replication of that same corporate governance culture and compliance regime in SMEs and corporate businesses across the country,” he said.
He stated that these engagements will also afford the bank’s customers an opportunity to learn firsthand, the pertinent issues that affect the banking industry.
Mr. Oroh maintained effective tax policies reduce long-term reliance on aid and ensure good governance by promoting the accountability of governments to their citizens.
About the forum
The forum brought together the leadership of Zenith bank, representatives of the Ghana revenue Authority, Ghana Investment Promotion Center, Ghana Free Zones Board as well as valued SMEs and corporate customers.
Participants benefited from the knowledge and expertise of highly qualified resource persons presenting on ‘Using Taxation as a tool to promote business growth’.
The presentation covered the overview and benefits of tax compliance in Ghana, rights of taxpayers as well as available tax incentives and how to assess them.
The forum also explored the 2019 tax reforms and what taxpayers must know with regards to CTN, tax stamp port paperless system, duty drawback, import duty rates, VAT among others.
The customer engagement initiatives of Zenith Bank was underpinned by the bank’s mission to continue to invest in the best people technology and environment to underscore commitment to achieving customer enthusiasm`
Meanwhile, the Commissioner General of the Ghana Revenue Authority Mr. Emmanuel Kofi Nti who was a guest speaker at the event announced that the authority has intensified efforts to collect taxes electronically.