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Kwame Pianim warned the government about the new taxes: “You’re in trouble if you assume you know better than the citizens”

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The government’s plan to enact three new revenue taxes in the middle of the current economic crisis has shocked renowned economist Kwame Pianim.

He claimed that he was shocked to learn that the government had not held stakeholder engagement with the business community over the three new revenue levies that had been passed.

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According to Mr. Pianim, if the government believes it is smarter than the populace, it will get into difficulty.

The renowned economist remarked, “I guess that if you are a government and you think that you know more than your citizen, then you are in trouble,” during a segment of JoyNews’ Newsfile show on Saturday, April 8, 2023. It is not you. And for this reason, when I learn from the AGI that no stakeholders were consulted regarding these taxes, I’m surprised.

“If you consider the growth and fiscal sustainability charge that the administration intends to implement, it will be paid into the Consolidated Fund over a three-year period. He continued, “That appears to be just another falsehood to dupe the People.

The three new taxes enacted by parliament have been resisted by the business community, including GUTA, AGI, and GIFF among others.

They added that the move would progressively force them out of business because conducting business in Ghana already carries a high cost.

They requested that President Nana Addo Dankwa Akufo-Addo refrain from signing the legislation into law.

Recall that on Friday, March 31, 2023, the parliament approved three revenue-related bills: the Growth and Sustainability Amendment Bill, the Excise Duty Amendment Bill, and the Income Tax Amendment Bill.

Once enacted, the measures are predicted to bring in GH3.96 billion for the nation.

The Growth and Sustainability Levy is projected to generate around GH2.216 billion in income in 2023, whilst the Income Tax (Amendment) Bill, 2022, which alters the Income Tax Act, 2015 (Act 896) is projected to generate about GH1.29 billion in revenue.

Excise Duty (Amendment) Bill, 2022, which changes Excise Duty Act, 2014 (Act 878) is anticipated to generate about GH455 million.

However some Ghanaians, particularly members of the business community, have rebuked members of Parliament for approving the three revenue bills.

 

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