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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    FBNBank increasing access to affordable financial inclusion with agent banking [Article]

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    AGI troubled with rising COVID-19 cases and implications on demand of goods

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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    Ghana Hotels Association calls for more attention for local tourism amid COVID-19

    Sign Real Estate Authority Bill into law – Construction Chamber urges Akufo-Addo

    Ministry of Aviation rejects decision by British Airways to move flights to London Gatwick Airport

    Implementation date for demanding IDs from MoMo customers extended to April 1

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    Focus on nuclear energy to reduce cost of electricity – AGI to government

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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    FBNBank increasing access to affordable financial inclusion with agent banking [Article]

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    AGI troubled with rising COVID-19 cases and implications on demand of goods

    Lending rates won’t go down any time soon – Economist

    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

  • TECHNOLOGY

    Huawei Watch Fit; The perfect smartwatch for everyone

    A close look at the Huawei FreeBuds 3; World’s 1st open-fit active noise-cancellation earphone

    Ashigbey urges government to revise telecoms industry laws to boost growth

    Blend tech with fashion with the new Huawei Watch Fit

    Kick back and enjoy immersive entertainment for the whole family with the MatePad T 10s

    Cost of political adverts on social media to rise by 200% in next election – Maximus

    Huawei announces global release schedule of EMUI 11 update

    Experience powerful all-round performance with the New Huawei Y8s

    Hyundai launches first ever electric car in Ghana

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    LNG-to-power project to reduce cost of electricity in Ghana – Energy Consultant

    World Bank plans to invest over US$5 billion in drylands in Africa

    Be proactive to benefit from AfCFTA – AfroChampions urges businesses in Ghana

    GUTA to commence cross-border trading with Nigeria

    Stakeholders charged to eliminate barriers likely to impede success of AfCFTA

    Ghana can benefit from ‎AfCFTA with hemp production – Business consultant 

    GUTA welcomes Nigeria’s decision to reopen its land borders

    C40 Regional Director for Africa, Mr Hastings Chikoko

    Accra and world’s major cities on track to keep global heating to 1.5°C – Report

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

by Nerteley 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.

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.

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“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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