Businesses adopting strategies to lessen tax obligations – PEF CEO

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Businesses adopting strategies to lessen tax obligations – PEF CEO

The Chief Executive of the Private Enterprise Federation (PEF), Nana Osei Bonsu has revealed that more businesses in Ghana are now adopting strategies

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The Chief Executive of the Private Enterprise Federation (PEF), Nana Osei Bonsu has revealed that more businesses in Ghana are now adopting strategies to reduce their tax liabilities to the state.

According to him, businesses are frustrated by high tax rates, multiplicity of levies, as well as harassment from tax authorities during revenue collection.

Nana Osei Bonsu was speaking on PM Express Business Edition with host George Wiafe on May 30, 2024.

He disclosed that a survey conducted by PEF showed that most businesses were not ready to pay taxes.

“We should understand that most businesses want and are willing to pay  taxes. As long as the processes are simplified, they will honour their obligations without the authorities chasing them”, he assured.

“If you want more people to pay the taxes, lower the rates, stagger some of these taxes and that will help deal with the challenge of compliance”, he added.

He advised government to check the profitability of businesses before imposing taxes on their operations.

“Not all businesses are making those huge revenue and profits, therefore we should be strategic with these tax policies”.

He pointed out for example that it is now difficult to reach government officials to express the sentiments of the private sector.

“The Private Enterprise Federation has not met with the Economic Management Team for a long time, especially when it comes to their quarterly meetings. We got the understanding from the Economic Management Team that private sector was trying to monitor things too much, whiles we sought answers to some issues” he said.

He stated that the expectations of the private sector was for government to create an enabling environment for businesses to expand.

“We are still working to re-engage the Economic Management Team to ensure that their concerns are addressed.

He added that most Small and Medium Size Enterprises which constitute the major part of the private sector have been hit badly by taxes introduced by government.

Source: Joy Business

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