The signing into law of three new tax bills by President Akufo-Addo has prompted the Ghana National Chamber of Commerce and Industry to issue a warning about the potential collapse of numerous businesses in Ghana.
The Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, the Income Tax (Amendment) (No. 2) Bill, 2022, and the Growth and Sustainability Levy Bill, 2022 were recently passed by Parliament.
However, the Chief Executive Officer (CEO) of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye, has cautioned that this decision could be perilous, as it may compel many businesses to relocate to other countries.
”These taxes are dangerous, inimical and will definitely cause the collapse of businesses. Some businesses are already not doing well and are planning on relocating to countries with much more favourable environments.”
”Most businesses cannot absorb these taxes. And the only way out for traders is for a substantial portion of these taxes to be pushed to the consumers.”