Minister-designate for Finance, Dr. Cassiel Ato Forson, has promised that he will not be introducing new taxes if approved by Parliament.
The nominee opined there is no need to increase taxes given the country’s substantial potential in revenue mobilisation.
He proposed the importance of compliance in enhancing Ghana’s revenue and has therefore assured Ghanaians that he will work in collaboration with the Ghana Revenue Authority (GRA) in achieving this.
“I have studied Ghana’s economy for some time now, and without mincing words, Ghana has potential when it comes to tax revenue mobilisation. We don’t necessarily have to increase taxes before you rake in revenue. We have the handles; what we need to do is to improve compliance,” he said when he appeared before the Vetting Committee on Monday, January 13, 2025.
He went on to pledge to raise the tax revenue-to-GDP ratio from 13.8% to 16% if approved.
“I will work with the GRA, the tax policy unit of the Ministry of Finance, to ensure that we increase compliance and ensure that we raise the revenue as much as we can.
“In the medium term, it is my vision, when approved, to increase the tax revenue from 13.8% of GDP to 16%–18%. By this, we will be able to compare ourselves to our peers. I believe the potentials are out there, but it doesn’t necessarily mean we should increase taxes.”
Meanwhile, he has revealed that the scrapping of the betting tax and E-Levy would be scrapped in the first budget he would be presenting before parliament if approved by the House.
By: Rainbowradioonline.com/Ghana
