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Tuesday, June 6, 2023


Seth Terkper describes 3 new taxes as “draconian”

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Seth Terkper, a former finance minister, has criticized the government’s additional revenue measures as being technical and punitive.

The Growth and Sustainability Amendment Bill, the Excise Duty Amendment Bill, and the Income Tax Amendment Bill—would bring in roughly GH4 billion yearly.

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Speaking on JoyNews on Thursday, he said that “I say there are technical reasons, past and present why it is draconian. A measure that was in SMCD 5 (Supreme Military Council Decree 5) is being brought back in this day and electronic age.”

According to him, per the tax, “any business that does not declare profit in five years would have to pay a certain tax compulsorily.”

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“Where are tax audits, where is the data? The tax audit is going to examine the records for this and if there is a reason they are not paying. Another one, minimum taxes are coming back where you are going to be paying a tax irrespective of business size, it is because of a lack of continuous investment in the domestic tax system,” he stated.

Mr. Terkper added that the above-mentioned are measures that were replaced under the economic recovery programme and Structural Adjustment Programme in Dr Botchway’s era.

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He maintained that industry will struggle to operate should these measures receive parliamentary blessing.

On Friday, Parliament passed the new tax measures.


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