Tax reforms needed to grow business — Tax expert
A tax partner with PwC Ghana, Abeku Gyan-Quansah has advocated urgent reforms in the country's tax regime to facilitate the growth of businesses.
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He described the current tax regime as avoidably complicated adding if business have to flourish to contribute to growth of the economy, the tax system must be simplified.
"Why should one be charged VAT on national health, COVID, education: Why can't they all be imposed just once to avoid complications" he said at the Graphic Business/Stanbic Breakfast Meeting at the Labadi Beach Hotel in Accra today. It was on the theme Tourism: A golden egg, a shared responsibility.
He also called for step by step reformation of the country's tax structure to benefit businesses.
According to him a gradual change of the tax structure in consultation with stakeholders will elicit the needed ideas to help the tax review process in the country.
Holistic approach
He narrowed his argument to the hospitality sector saying it required some tax rebates to grow.
"The state must incentivise the financial institutions in the country to provide favourable loan facilities to those in the hospitality industry.
It must also construct roads and synchronise property rates. It must not only be about taxes when it comes to tourism but other factors that also affect the industry," he stated.
