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    Private sector critical to renewable energy target- sector ministry

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Traders advocacy group lauds government for not introducing new taxes in budget review

byMichael Ogbodu
August 3, 2021
in Business, Local Economy, Top Stories
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Traders Advocacy Group Ghana has commended the government for not introducing new taxes in the 2021 mid-year budget review.

The government as part of efforts towards reviving the economy amidst the Covid-19- pandemic earlier in the year introduced some new taxes, including the Energy Sector Recovery Levy.

In an interview with Citi Business News, General Secretary of the Traders Advocacy Group Ghana, Nana Poku however said the scrapping of some of these new taxes that he describes as ‘nuisance’ would have been preferred.Nana Poku

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“Adding more taxes, for traders, I think could have been a suicidal action because the way the economy is trending now, we could see a certain urgency on capital lost on the side of the traders. A lot of the traders have lost most of their capital and yet the finance ministry trying to come with additional taxes wouldn’t have helped and more, so there are some taxes formerly the vice president advocated for it to be removed from the taxation on charges, and now we see that a lot has come on board.”

The taxes that were introduced in the 2021 budget according to the Ghana Revenue Website include; COVID-19 Health Recovery Levy Act, 2021 (Act 1068), the COVID-19 Health Recovery Levy, Financial Sector Recovery Levy Act, 2021 (Act 1067), Energy Sector Levy (Amendment) Act, 2021 (Act 1064), among others.

These taxes were met with a lot of opposition, while the Ghana Union of Traders Associations called on the government to ensure the citizenry get value for money to prevent tax fatigue.

Some like energy consultant, Dr. Yussif Sulemana had also expected a review of the taxes introduced on petroleum products arguing that the additional revenue generated from the sale of the country’s crude due to a hike in fuel prices on the world market should make up for the shortfalls.

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