Kojo Oppong Nkrumah notes that Dr Forson made this pledge at a time that the Mahama administration is expected to remove major tax handles, E-levy, Covid levy, and the Betting Tax.<\/p>\n
He indicated that the Minority in Parliament would support Dr Forson for as long as he fulfils this promise without introducing or renaming existing taxes.<\/p>\n
Contributing to a debate on the minister prior to their approval by Parliament on Wednesday January 22, the former Minister of Works and Housing said \u201cDr Ato Forson says his target is to move Tax to GDP ratio from 13 per cent to about 18 per cent, which is about 500 basis points. 1 per cent of GDP is about GHS 10billion. So, to move it from 13 to 18 per cent is about 50 billion Ghana Cedis, at a time when we have agreed across the political divide that some tax handles should be removed, e-levy, Covid levy, and betting tax.<\/p>\n
\u201cE-levy and Covid taxes alone are nothing less than GHS20 b<\/p>\n
According to Dr. Forson, the country has substantial untapped potential in tax revenue mobilisation which can be harnessed without imposing additional taxes.<\/p>\n
\u201cWe do not necessarily have to increase taxes to generate revenue, there is a need to improve compliance and address inefficiencies in the tax system,\u201d he said.<\/p>\n
He believes that the aspirational target of achieving a 20 per cent tax-to-GDP ratio by 2027 was overly ambitious, given current challenges.<\/p>\n
illion. So what he is promising us is that he is going to take away about GHS 20 billion from the revenue handles but still grow it by another GHS 50 billion. We are hoping he would do that without introducing new taxes or renaming some of the taxes and whatever he would do in that area we would him and help.\u201d<\/p>\n
According to Dr. Forson, the country has substantial untapped potential in tax revenue mobilisation which can be harnessed without imposing additional taxes.<\/p>\n
\u201cWe do not necessarily have to increase taxes to generate revenue, there is a need to improve compliance and address inefficiencies in the tax system,\u201d he said.<\/p>\n
He believes that the aspirational target of achieving a 20 per cent tax-to-GDP ratio by 2027 was overly ambitious, given current challenges.<\/p>\n
Kojo Oppong Nkrumah notes that Dr Forson made this pledge at a time that the Mahama administration is expected to remove major tax handles, E-levy, Covid levy, and the Betting Tax.<\/p>\n
He indicated that the Minority in Parliament would support Dr Forson for as long as he fulfils this promise without introducing or renaming existing taxes.<\/p>\n
Contributing to a debate on the minister prior to their approval by Parliament on Wednesday January 22, the former Minister of Works and Housing said \u201cDr Ato Forson says his target is to move Tax to GDP ratio from 13 per cent to about 18 per cent, which is about 500 basis points. 1 per cent of GDP is about GHS 10billion. So to move it from 13 to 18 per cent is about 50 billion Ghana Cedis, at a time when we have agreed across the political divide that some tax handles should be removed, e-levy, Covid levy, and betting tax.<\/p>\n
\u201cE-levy and Covid taxes alone are nothing less than GHS20 billion. So what he is promising us is that he is going to take away about GHS 20 billion from the revenue handles but still grow it by another GHS 50 billion. We are hoping he would do that without introducing new taxes or renaming some of the taxes and whatever he would do in that area we would him and help.\u201d<\/p>\n