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    BoG Act needs clarity, improvement for easy implementation – Governor

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

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    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

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Make tax compliance less burdensome for MSMEs – PEF to Gov’t

byNerteley Nettey
October 16, 2020
in Business, Top Stories
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The Private Enterprise Federation (PEF), has asked government to adopt a tiered tax system to reduce the tax burden on businesses, especially Micro, Small and medium sized enterprises in the country.

According to PEF, this will help government generate adequate revenue, encourage voluntary tax compliance and reduce the cost of tax administration in the country.

As of 2016, data from the Registrar of Companies at the Registrar General’s Department indicated that even though MSMEs make-up about ninety-two percent of registered companies they contribute only about four percent to the country’s domestic tax revenue.

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Speaking at the launch of the PEF/ OSIWA research into Ghana’s tax regime and the need for reforms in taxing MSMEs, the Chief Executive Officer of PEF, Nana Osei Bonsu, said it is important for tax rates applicable to MSMEs to be reduced in addition to massive tax education by the Ghana Revenue Authority for taxpayers.

“What we are advocating for, is for government to make it easy for businesses to pay their taxes. If we want to increase the tax revenues to 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,” he said.

He also argues that the corporate tax system is grossly unfair especially to Small and Medium Scale Enterprises, as they are forced to pay the same 25 percent flat rate paid by large and profitable businesses.

“Our tax rate compared to our neighbours is very low. Already, we’re generating 13.9% tax revenue of Gross Domestic Product to government. If we want to be able to make sure that government revenues go up to enable government to do whatever we ask from government, then we have to vary the tax rate instead of charging the same 25% we charge on small potatoes sellers as same as we charge giant businesses,” he said.

Nana Osei Bonsu also asked government to consider a system which is in line with international best practices as it will ease the compliance burden on businesses.

PEF / OSIWA RESEARCH

The research by the Private Enterprise Federation (PEF) was in collaboration with the OSIWA-Project.

It revealed that 69.7% of Micro, Small, and Medium-scale Enterprises (MSMEs) operating in urban centers compared to  91.3% in the rural areas are not aware of the laws guiding taxation of businesses.

This, it attributed to the lack of education and awareness.

The survey also revealed that 42.7% of business owners sampled in the urban centers were educated to the secondary or basic level whilst 39.9% had degrees.

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