A communicator of the ruling New Patriotic Party (NPP), Kwabena Marfo, has advised government to review the tax exemption bill.
The government of Ghana has income tax exemptions for some specific industries and products through the tax holiday to lighten their tax burden and encourage more investors into the country. Such businesses are entitled to pay 1% tax during their tax holiday and are made to pay the actual tax after they exhaust the freebie.
Kwabena Marfo however is of the view that government should review the tax exemption bill.
Speaking on Movement In The Morning Show with Kwaku Dawuro he said ‘’we wouldn’t have gone to the International Monitory Fund if we were able to mobilize our revenue to reduce the economic burden. The revenue from the E-levy did not go as planned.
He added that one of the areas government need to look at is the tax exemption bill.
‘’We need to review the tax exemption bill which allows foreign investors to enjoy a 10 years tax relief. Some re-register the company with a different name to enjoy another 10years and that goes against the country. It’s high time we look at the bill again’’, he stated.
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