The recent approval of three new tax bills by the Ghanaian government has been criticized by Ghana Federation of Labour (GFL) and the Association of Ghana Industries (AGI).
While criticizing the new taxes, Abraham Koomson, the General Secretary of GFL, stated that they are unnecessary and were implemented at a time when Ghanaians are already paying seventeen other taxes.
Also, Koomson voiced concerns over the ability of the government to apply the taxes properly, as the consequences of approaching the International Monetary Fund (IMF) for assistance could be significant.
In the same vein, the AGI expressed its disappointment at the approval of the new taxes by stating that the tax regime in Ghana does not encourage local production or formal business operations.
The three new tax bills awaiting presidential assent are the Excise Duty, Growth and Sustainability Levy, and Income Amendment Bills.
The passage of these bills could have severe consequences for the industry and business environment in Ghana.
The introduction of new taxes could negatively affect the industry and business environment in Ghana, and could lead to a decline in foreign investment.
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