Connect with us

Business

Government hopeful of meeting ¢80bn domestic revenue target – Abena Osei-Asare

Published

on


Government is upbeat new revenue measures put in place will help the country raise about GH¢80.3 billion through domestic tax collection to pursue its economic programmes.

As part of measure to increase revenue mobilisation, government has passed the Electronic Transaction levy (E-levy) and the VAT Flat rate scheme for businesses operating with a minimum threshold of GH¢500,000, among other policies.

Speaking to Joy Business after the launch of “Tax and Good Governance” campaign by the Ghana Revenue Authority (GRA), a Deputy Minister for Finance, Abena Osei-Asare said government is hopeful of meeting its revenue target for 2022.

“We have to come together and support the GRA to raises the GH¢80.3 billion. We have supported the GRA to come out with digitised platforms for payment of taxes, filing of taxes, among others,” she said.

Abena Osei-Asare stated that the new measures will improve efficiency and block loopholes in the revenue collection system.

She maintained that all the novel tax revenue measures outlined in the 2022 Budget will yield results by increasing domestic revenue mobilisation.

“We are very sure that we will meet the target due to the measures and systems announced in the 2022 budget. It is important for all of us to help government achieve the target” she stressed.

Pointing out some of the revenue measures introduced in the budget, Abena Osei-Asare, defended the government’s decision to impose a VAT Flat rate on businesses operating with a minimum threshold of GH¢500,000.

The new policy, recently passed by parliament has received some reactions from some tax analysts who have complained that the move is likely to increase the prices of goods on the market, particularly those from malls and supermarkets.

But responding to the issue, the Deputy Finance Minister, said the policy will rather create a level playing field for businesses operating in the country.

“The real intention of the VAT Flat rate is to increase revenue for government, by creating a fair atmosphere for all businesses,” she said, adding, industry players were consulted before the policy was drafted and passed by parliament.

Speaking on the need to file tax returns, the Commissioner-General of GRA, Rev. Dr. Ammishaddai Owusu-Amoah, said there are many benefits of filing tax returns annually.

“What a lot of people don’t know is that when you file your tax returns, you are eligible for some exemptions. Examples are if you are taking care of the aged or have children to a certain number”

Dr. Owusu-Amoah further urged individuals to be tax compliant by filing their tax returns to help government meet its revenue targets.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Economy growing strongly, data suggests robust pick-up – Governor

Published

on



The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.



Source link

Continue Reading

Business

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Published

on


The first batch of young individuals who signed onto the Believe in Ghana (BiG) project in Kumasi have graduated to venture into the creative arts and manufacturing industries.

The Believe in Ghana (BiG) project trains young aspiring entrepreneurs to take charge in the creative arts and manufacturing sectors.

Trainees are engaged in bakery and pastries, soap and bleach making, batik and tie and dye as well as beads making.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Project originator, Tony Donkor, says the employment rate of the youth in Ghana needs to be addressed through such innovations.

“The project intends to raise a generation of knowledgeable youth who can take up the manufacturing space in order to secure a brighter future for the Ghanaian youth.

“The project intends to equip illiterate, semi-literate and literate persons with the skills set to secure a better future in the absence of a salaried job” he said.

The BiG project has seen partnership with the Centre for National Culture in Kumasi who created the avenue for individuals to be trained through localized methods.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Deputy Director for Performing Arts at the Centre, Mustapha Issa, says locally-manufactured items need the necessary patronage to promote local industrialization and national culture.

According to him, “people often portray cultural products as fetish and they do not want to patronize it, but if we can reorient the definition of culture to ourselves, people can then appreciate it.”

He added that, “accepting the cultural values our products stand will bring great benefit from.”

Mr. Issa also advised that the country takes its cultural values seriously in order to preserve the rich heritage as a people.

He indicated that, “our music, movies and arts should represent our heritage, rather than degrading it.”

The first cohort of 15 trainees under the project shared their experiences on the impact.

“I work in a travel agency and we usually host events where attires are worn. I signed up to the project so I can learn how to make apparels to get the contract for myself and make some money as well,” said Doreen.

Another participant, Sumaila said “I am a musician and I wanted to add a clothing line to it, so I enrolled to learn how to make batik Tie and Dye. I can use the technique to create my own brand in addition to the music I do”.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

The BiG project intends to train over 10,000 persons in the Ashanti Region and further extend to other regions of the country.

The Believe in Ghana Project is under the operation of Techno Genesis, in partnership with The Multimedia Group, Kumasi and the Centre for National Culture, Kumasi.



Source link

Continue Reading

Business

Loyalty Insurance MD raises concern about unhealthy competition in industry

Published

on



The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.

According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.

“The Ghana insurance market is a highly competitive and dynamic marketplace,” Mr. Frimpong said.

“There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.

The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”

The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

“Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.



Source link

Continue Reading

Trending