[ 2017-03-01 ]

We’ll adjust to meet gov’t tax cuts- Revenue generating companies
Revenue generating companies in the country have
expressed their readiness to adjust and position
themselves to implement the tax cuts that may be
announced by the Finance Minster in the budget
later this week.

The Nana Akufo-Addo administration during the 2016
campaign period announced measures to review some
taxes that were deemed nuisance and a disincentive
to private businesses.

Speaking to Citi Business News on how the reviews
will implemented by some revenue generating firms,
the Managing Director of West Blue Consulting,
Valentina Mintah disclosed that there is close
collaboration to ascertain the effect of the tax
cuts on the economy while revenue leakages are
blocked.

“We are working very closely with the Ministry
of Finance; we are working very closely with the
GRA. The objective of this government is to reduce
the over burdensome taxes on duties. At the same
time you need to ensure that you have an efficient
collection of revenue to be able to make up to
fill that gap and also exceed the revenue
target,” she said.

She maintained that a comprehensive assessment
needs to be conducted and tested to ascertain the
impact of any tax cut on revenue generation.

“So what we are doing is to work with
government, to use the system to be able to
identify the patterns and trends to identify
loopholes to make projects.

For example, if this exemption is going to be
introduced , what’s the impact on the economy so
that we can work on those predictions using
business intelligence reporting tools to work
together to be able to overcome the shortfalls
that may be realized due to the abolishing or the
removal of the taxes or duties,” she said.

She emphasized the need to collaborate with all
the state revenue generating agencies to properly
assess the impact.

It is a collective effort, the system would be
able to provide the data, the system would be able
to detect the loopholes government would then have
to look at how to effectively stop that
permanently.

Source - citibsinessnews.com

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