Thomas Ampem Nyarko, the deputy minister of finance, has emphasized the government’s resolve to close gaps in Ghana’s tax exemption system, characterizing it as a significant cause of the nation’s income loss.
He said this at a meeting with a group from the South Sudan Revenue Authority, which is in Ghana to examine the framework for tax exemptions there. The delegation is led by the Deputy Commissioner of the organization.
With less help and grants available, it is even more important for Ghana to turn inward and enhance domestic revenue mobilization, according to Hon. Ampem Nyarko.
“We are not getting the aid and grants we used to get, and it’s important that we look within to make sure we can raise enough,” he stated.
He pointed out that although tax exemptions are not always negative because they can be useful policy instruments to help important industries and draw in investment, the true issue has been the system’s ongoing misuse over the years.
“Our exemptions regime has been abused, and so we are doing a lot to tighten it up. Government has taken steps to close loopholes and improve transparency around how exemptions are granted and managed,” the Deputy Minister emphasized.
The visiting team from South Sudan stated that they decided to travel to Ghana due to the encouraging news they had heard about the nation’s continuous tax exemption developments.
They stated that as South Sudan develops its own structure for tax exemptions, the knowledge they have gathered from their interactions will be quite helpful.
Source: newsthemegh.com