{"id":1175,"date":"2021-11-23T14:19:00","date_gmt":"2021-11-23T14:19:00","guid":{"rendered":"http:\/\/parliamentnews360.com\/?p=1175"},"modified":"2021-12-08T14:34:52","modified_gmt":"2021-12-08T14:34:52","slug":"pass-exemptions-bill-to-expand-tax-net-for-more-revenue-mobilization-dr-ali-nakyea-advices-govt","status":"publish","type":"post","link":"https:\/\/parliamentnews360.com\/index.php\/pass-exemptions-bill-to-expand-tax-net-for-more-revenue-mobilization-dr-ali-nakyea-advices-govt\/","title":{"rendered":"Pass Exemptions Bill to Expand Tax Net for More Revenue Mobilization \u2013 Dr. Ali-Nakyea advices Govt"},"content":{"rendered":"\n

A Senior Lecturer at the University of Ghana School of Law, a Tax Consultant and Director at Ali-Nakyea and Associates, Dr. Abdallah Ali-Nakyea, has recommended to the Government of Ghana to ensure the swift passage and implementation of the revised Exemptions Bill into law since it is one of the areas of expanding the tax net.<\/strong>
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According to him, \u201cnew taxes are not the way to go but rather ensuring efficiency and effectiveness in the administration and collection of the existing taxes.\u201d Therefore, \u201cthere is the need to plug any loopholes and leakages of revenue to enhance revenue mobilization.\u201d
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The recommendation was part of his assessment of the Budget Statement and Economic Policy of Government for the year ending 31st December 2022, as presented to Parliament by the Finance Minister, Ken Ofori-Atta on behalf of President Akufo-Addo on Wednesday, November 17, 2021.
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The bill, which was first laid on the floor of parliament in 2019, seeks to streamline the tax exemption regime in the country, but was not passed before the tenure of the 7th Parliament elapsed on 7th January 2021.
Making a presentation on the Budget at the Post Budget Workshop for Members of Parliament in Ho, the Tax Expert drew the attention of Government to the fact that it could block some of the loopholes in revenue mobilization when the Exemption regime is properly regulated.
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The country\u2019s economy has come to a head with some difficulties in raising more revenue to meet the ever-expanding obligations of the state as well as the need to service maturing debts on the its books. The Finance Minister Ken Ofori-Atta, on behalf of President Akufo-Addo, has been finding innovative ways of raising more revenue.
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The Finance Minister in his presentation of the Budget, outlined some measures to increase the revenue mobilization efforts by the Imposition of an Electronic Transaction Levy (E-Levy) of 1.75% on the value of digital transaction; exempt daily transactions of a cumulative value of GHS100.00 (approximately GHS3,000.00 per month) or less per person.
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However, Dr. Ali-Nakyea indicated that his is a policy that requires further deliberations and analysis, hence not ripe for implementation in the state in which it has been proposed.
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According to him, if the idea as espoused in the Budget, is to deal with the “shadow economy\u201d looking at the total value of transactions estimated at GHS500 billion in 2020, digital transactions, then there is a challenge in using taxation in this manner.
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\u201cThere is the need to analyze the impact of the E-Levy on financial inclusion and the successful mobile money interoperability that people are relying on. Some of the challenges of implementation are: Identification of the taxpayer and monitoring the threshold of transfers made. The collection mechanism of the tax and record keeping for audit purposes, for example. The scope of the exemptions,\u201d he pointed out.
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Source: Clement Akoloh||parliamentnews360.com<\/p>\n","protected":false},"excerpt":{"rendered":"

A Senior Lecturer at the University of Ghana School of Law, a Tax Consultant and Director at Ali-Nakyea and Associates, Dr. Abdallah Ali-Nakyea, has recommended to the Government of Ghana to ensure the swift passage and implementation of the revised Exemptions Bill into law since it is one of the areas of expanding the tax net.<\/p>\n","protected":false},"author":2,"featured_media":1176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[694,693,696,695,101],"class_list":{"0":"post-1175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news","8":"tag-ali-nakyea-and-associates","9":"tag-dr-abdallah-ali-nakyea","10":"tag-e-levy","11":"tag-electronic-transaction-levy","12":"tag-ken-ofori-atta"},"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n