[ 2015-11-20 ]

GH¢1.6 billion tax exemption losses outrageous- Nakyea.
A tax analyst, Abdallah Ali Nakyea, has described
as outrageous, Ghana’s loss of about 1.6 billion
cedis to tax exemption for the first nine months
of 2015.

According to him, government should be worried
about the development and implement solutions to
reduce similar occurrences in 2016.

Provisional figures released by the finance
ministry showed that Ghana lost about 1.6 billion
cedis to tax exemptions, beyond a target of about
541 million cedis.

Ali Nakyea in an interview with Citi Business News
also said the situation has contributed to an
increase in Ghana’s tax expenditures.

“This follows works done by the GRA themselves
together with the Ministry of Finance’s tax
policy unit and the Attorney General’s office.
They were estimating the tax expenditures that is,
the revenue losses from tax incentives and the tax
exemptions, the figure looks too high because if
you look at government’s projections, they never
expected it to reach such an amount,

“So the move towards it is that in the 2016
budget, government has already gone ahead to
review most of these from the imports,” he said.



The GH¢1.6 billion figure recorded was also more
than the total estimated tax exemptions in the
revised budget for this year which was
GH¢753million.

Source - Citifmonline

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