The Executive Director of ISSER Ghana, Professor Peter Quartey, has said that Ghana does not need new taxes to stabilize the economy but rather needs to make the existing ones more efficient.
In an interview on Monday, November 7, he stressed that, his expectations of the 2023 budget includes reintroduction of the road tolls and its digitization.
Prof Quartey added that, Ghana for a whole year makes GHS 78 million from road tolls and this can go a long way to seeing the taxation being digitalised.
Speaking further on the road tolls, Prof. Quartey revealed that more than 50% of the tolls collected does not end up in government’s coffers.
He therefore stressed on the need for and effective implementation of the E-Levy, however, adding that government must cut down the tax rate from the current 1.5% to 0.5%.
Speaking on the activities of the GRA, Prof. Quartey praised the Authority for doing a good job by ensuring that the citizenry are paying their taxes in one way or the other.
“They are enforcing tax payments where sometimes they even close down some stores of those refusing to comply. There is more to expect as more innovative measures are needed to be put in place to pursue revenue mobilization without destroying or affecting industry,” he remarked.
He furthered that, government’s step of cutting down salaries by 30% is not enough, but should also seek to reduce the number of appointees and how much its spends on appointees.
Prof. also stated that if exchange rates are reduced, manufacturers and stake holders will be able to sit and plan new productions.
“The monetary sector is facing significant challenges as we have seen the exchange rate perform badly and even sometimes worse on the continent,” he stated.
He also stressed on the IMF plan and other issues that can fuel the nation’s growth out of the logs.
Source: norvanreports.com