tax
tax

Dr Isaac Nyame, a Consultant with the Private Enterprise Federation (PEF), has called on government to implement simple tax system to help improve the country’s tax revenue.

He said currently about 8.10 per cent of Ghanaians do appreciate the extent of laws governing taxation in the country.

Dr Nyame made the call during a stakeholders’ validation meeting on tax reforms for Micro Small Medium Enterprises (MSMEs) in Tamale.

The meeting, which was organized by the Private Enterprise Federation (PEF), was to acquaint the MSMEs on the existing taxation laws and how to comply with tax obligations.

Dr Nyame said many of the MSMEs have not fully appreciated the tax laws and do not have the ability to prepare and file tax returns especially in the rural areas.

He said about 50.60 per cent of MSMEs have not registered with Ghana Revenue Authority (GRA) for tax payment and those who have registered also face challenges when trying to comply with tax obligations.

Dr Nyame urged government to find a long-term solution to address these challenges to promote the tax payment system in the country.

Mr Nana Osei-Bonsu, the Chief Executive Officer of PEF, urged GRA to strategize on ways to assist MSMEs in calculating their tax liabilities; and how to file their related tax returns before the deadline.

He said there is the need to make the tax requirement of the MSMEs a flat one or tied tax system with one to five per cent tax rate on an annual chargeable income; hopefully this would encourage more to pay their taxes.

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