There’s a need to revisit structure, nature of taxes – Ken Ofori-Atta
In a crucial meeting with the business community ahead of the mid-year budget review, the Finance Minister, Ken Ofori-Atta addressed pressing issues concerning the country’s fiscal situation.
The minister began by acknowledging the challenges faced by the government in recent times, particularly in regard to funding decisions.
“To make a turnaround after the government declared that it was not going to the fund and to end up doing it, it’s not an easy thing,” the minister stated, highlighting the complexities involved in implementing financial measures.
The minister emphasised that while some decisions may have appeared contradictory, they were ultimately taken in response to the greater needs of the community as a whole.
During the meeting, the Finance Minister acknowledged the existence of inefficiencies and concerns in the way the country’s budgetary deficit has been managed.
“Is there a lot to do? Yes, all of these things and inefficiencies and the way in which we have operated, the deficit of the supremacy of the republic is always interesting, and how do we change that?”
One particular topic he raised was the matter of tax compliance among citizens.
The Finance Minister raised concerns about tax evasion and stated, “What do we do when all of these religious people sit in the front seat of the church and still no one wants to pay taxes, to a certain degree, so yes the structure and nature of the taxes must be relooked at.”
The minister acknowledged that revisiting the structure and nature of taxes was essential to ensure greater compliance from the public.
Source: Ghana Business
