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Announce cancellation of some major taxes in 2024 fiscal year- FABAG
The Food and Beverages Association of Ghana (FABAG), has called on the government to announce the cancellation of some major taxes in the 2024 fiscal year budget, expected to be presented by the Finance Minister, Mr Ken Ofori-Atta, on the floor of parliament next month.
According to the Association, the private sector is terribly underperforming due to the high cost of doing business and lower sales volumes, following the over-taxation of the sector, hence, the immediate removal of the Covid-19 levy, as well as reduction of VAT and some “nuisance taxes”.
The Executive Chairman of the Association, Mr John Awuni, addressing pressmen yesterday in Accra, said, the private sector should be relieved of some of the burdensome taxes, either in the form of corporate tax, consumption taxes, or income tax.
“The government stands to rake in more revenue for development if taxes are reduced and some cancelled. Currently, prices of goods and services are very high, which is consequently reducing the demand for goods and services.
Considering the level of low wages and salaries in the country, the government can trigger higher demand for goods and services in the private sector if taxes are reviewed downwards,” he said.
For instance, Mr Awuni said, the price of evaporated milk which is currently sold for GH¢15, could be bought for GH ¢8.5 without tax, adding the price of beer which is GH¢11 could be bought for GH¢5 when the tax on the product is removed.
“Higher taxes are a major killer of businesses. Ghana has tried the option of higher taxes for decades and yet our economy keeps failing, it is time to try the option of tax net expansion, with lower taxes and scrapping unfriendly levies and duties, and business-friendly taxes in the 2024 fiscal year.
And when businesses fail to operate at their optimum level, they are unable to enjoy the benefits of economies of mass scale production,” Mr Awuni said.
He added that China is doing much better due to the benefits of mass-scale production their private sector is enjoying.
BY BERNARD BENGHAN
Ghana’s First Lady, Lordina Mahama, has made a generous donation to the country’s national female Under-17 and Under-20 teams – Black Maidens and Black Princesses- as they continue preparations for major international assignments.
The donation, made on Friday, May 22, was presented on behalf of the First Lady by the Minister for Gender, Children and Social Protection, Agnes Naa Momo Lartey, at the GFA Technical Centre in Prampram.
The gesture forms part of efforts to motivate and support Ghana’s young female footballers as they prepare to represent the country on the international stage.
The donation included essential food items and toiletries aimed at supporting the welfare and well-being of the players and technical teams.
The donation included cartons of Milo, T-rolls, soft drinks, toiletries, and a range of essential supplies aimed at supporting the welfare of the players, enhancing camp conditions, and easing preparations ahead of their respective assignments.
The Black Maidens are currently engaged in preparations for the FIFA U-17 Women’s World Cup qualifiers and are set to take on Liberia women’s national under-17 football team in the second-leg encounter in Liberia this weekend.
Meanwhile, the Black Princesses have already secured qualification to the FIFA U-20 Women’s World Cup after overcoming Uganda in the qualifiers, extending Ghana’s remarkable record to eight consecutive appearances at the tournament.
The donation by the First Lady was expected to boost morale within both camps while reinforcing national support for the young female footballers who continue to make the country proud.
The prosecution has officially rested its case in The Republic v Solomon Asamoah & Another, the high-profile legal battle commonly referred to as the “Sky Train” case.
The Deputy Attorney General Justice Srem Sai announced the development, praising the state’s team of hard-working prosecutors for successfully anchoring the state’s evidence before the High Court.
The criminal trial centers on the former Chief Executive Officer and the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF).
The duo stands accused of illegally authorizing and paying out US$2 million to a foreign company without obtaining board directives or other mandatory statutory approvals.
State investigators have confirmed that the disbursed millions cannot be found.
Following the closure of the prosecution’s case, the accused persons moved the court for an opportunity to file a submission of no case.
The presiding judge granted the application, ordering the defense to submit their arguments by June 8.
The outcome of the June 8 filings will decide the fate of the trial:
With this, if the judge finds the defense’s submission convincing, the accused will be acquitted and discharged however, If the judge dismisses the submission, the court will order the accused officials to take the stand and explain why they should not face prison sentences.
By Edem Mensah-Tsotorme
