The President of the Ghana Union of Traders, GUTA, Dr. Joseph Obeng, wants Government to use the Mid-year budget review as an opportunity to widen the country’s tax net to capture many more businesses to boost revenue generation.
The emergence of the Coronavirus Covid-19 disease, has disrupted trading globally, and Ghana is no exception. From the closure of borders to the change in consumer behavior and spending, members of the Ghana Union of Traders Association, also saw a drop in revenue.
They have also experienced a shortage of products largely due to the closure of borders and reduced importation caused by a slowdown in production from major import destinations such as China.
President of GUTA, Dr. Joseph Obeng, told Citi Business News the high cost of credit affects their operations, hence the need for government to come out with a strategy to make access to credit easier and cheaper especially as businesses seek to bounce back from the impact of COVID-19.
In a country where nearly 90 percent of businesses operate in the informal sector, Dr. Joseph Obeng wants government to widen the tax net to capture more people in the informal sector to boost revenue generation.
He says this is necessary to lessen the tax burden on a few businesses captured by the Ghana Revenue Authority.
Source:Fiilafmonline/CitiBuss
