Geoferry Kabutey Ocansey, Executive Director of Revenue Mobilisation Africa, has urged the government to modify the personal income tax scheme to reflect the country’s rising cost of living.
He posited that government can roll out initiatives that will ensure an upward review of the personal income tax-free threshold.
The tax expert argued that there was the need for authorities to take a look at the current tax-free band of GHS 490 per month — approximately $32 — since it is inadequate.
He lamented that there are those who are experiencing extreme hardship, poverty and financial difficulties with some. unable to afford a decent accommodation and other basic
needs.
Speaking on Frontline on Rainbow Radio 87.5FM, he stressed that the cost of living is a major concern for several individuals, and authorities must take steps in addressing these challenges.
He said there are those who are working but don’t get good compensation for the work they do, and yet, they are supposed to pay for rent, utilities and other financial obligations.
He told the host that the introduction of the tax-free band was a milestone, but it is time to review and expand it.
Geoferry Kabutey Ocansey further called on the government to create an enabling environment for private business owners to thrive, expand and create more jobs for those unemployed to get employed.
He proposed that “the government should create an enabling environment for entrepreneurs and businesses to expand and create more jobs. Authorities can create or construct industrial parks and expand our markets so businesses will thrive.
Food distribution is also another area the government can invest in so that the transportation of food will improve. The most important thing is also about security and protection. We should improve security in the state to encourage more investors to come into the country. The granting of tax exemptions for qualified businesses that can make good use of them to the benefit of the country,” he added.
By: Rainbowradioonline.com/Ghana
