The prevailing tax regime poses a significant stumbling block to employers and businesses’ ability to generate employment opportunities, President of the Ghana Employers’ Association (GEA), Dan Acheampong, has lamented; advocating the introduction of a job creation tax credit (JCTC) for businesses that consistently maintain or increase their workforces above a certain threshold.
With the current difficult economic environment already impacting negatively on employers’ capacity to maintain existing workforces, he said the introduction of new taxes earlier this year, coupled with existing ones, has added an extra burden to businesses – making it difficult for them to achieve growth and generate job opportunities.
Mr. Acheampong was speaking at GEA’s 63rd annual general meeting themed Tax compliance and cooperation in a challenging economy; however, he suggested innovative tax policies such as a JCTC to stimulate business expansion and employment creation.
“This proactive approach will not only help enterprises to thrive but also propel economic development and higher tax revenues,” he said.
Meanwhile, touching on the closure of some enterprises by officials of the Ghana Revenue Authority (GRA) due to tax irregularities, Mr. Acheampong – who’s also Chief Executive Officer (CEO) Volta Aluminum Company Limited said: “This approach does not aid business progress and sustainability, since in the business community each minute lost without operation is revenue lost to the enterprise and government”.
Streamlining tax filing
Mr. Acheampong urged the Ghana Revenue Authority to continuously work toward eliminating complexities in tax regulations, and create a conducive environment for compliance.
More specifically, he recommended that the Authority ensures tax regulations and requirements are clear, easily accessible and transparent; noting that ambiguities in tax laws can lead to unintentional non-compliance.The prevailing tax regime poses a significant stumbling block to employers and businesses’ ability to generate employment opportunities, President of the Ghana Employers’ Association (GEA), Dan Acheampong, has lamented; advocating the introduction of a job creation tax credit (JCTC) for businesses that consistently maintain or increase their workforces above a certain threshold.
With the current difficult economic environment already impacting negatively on employers’ capacity to maintain existing workforces, he said the introduction of new taxes earlier this year, coupled with existing ones, has added an extra burden to businesses – making it difficult for them to achieve growth and generate job opportunities.
Mr. Acheampong was speaking at GEA’s 63rd annual general meeting themed Tax compliance and cooperation in a challenging economy; however, he suggested innovative tax policies such as a JCTC to stimulate business expansion and employment creation.
“This proactive approach will not only help enterprises to thrive but also propel economic development and higher tax revenues,” he said.
Meanwhile, touching on the closure of some enterprises by officials of the Ghana Revenue Authority (GRA) due to tax irregularities, Mr. Acheampong – who’s also Chief Executive Officer (CEO) Volta Aluminum Company Limited said: “This approach does not aid business progress and sustainability, since in the business community each minute lost without operation is revenue lost to the enterprise and government”.
Streamlining tax filing
Mr. Acheampong urged the Ghana Revenue Authority to continuously work toward eliminating complexities in tax regulations, and create a conducive environment for compliance.
More specifically, he recommended that the Authority ensures tax regulations and requirements are clear, easily accessible and transparent; noting that ambiguities in tax laws can lead to unintentional non-compliance.
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