Subtitle: Ghana National Chamber of Commerce and Industry Advocates for Tax Relief in Upcoming Budget

Introduction:

As Ghana prepares for its 2024 budget, the Ghana National Chamber of Commerce and Industry (GNCCI) is calling on the government to consider a significant review of existing taxes with the aim of providing much-needed relief to businesses and stimulating economic growth. The GNCCI's proposal reflects the Chamber's commitment to supporting Ghana's business community and promoting a conducive economic environment.

The Current Tax Landscape:

Ghana, like many nations, relies on taxes to generate revenue for public services and infrastructure development. However, over time, the cumulative tax burden on businesses has become a concern, hindering their ability to invest, expand, and create jobs. The GNCCI highlights the need to strike a balance between revenue generation and fostering business growth.

The GNCCI's Advocacy:

The Ghana National Chamber of Commerce and Industry, representing the interests of businesses across various sectors, believes that reducing the tax burden on businesses can have a positive impact on economic recovery and development. The GNCCI is advocating for the following measures in the 2024 budget:

  1. Reduction of Corporate Income Tax: The GNCCI recommends a decrease in the corporate income tax rate to encourage businesses to reinvest their profits, stimulate economic activity, and create employment opportunities.

  2. Review of Value Added Tax (VAT): A reevaluation of the VAT system to potentially lower the rate on certain goods and services while broadening the tax base could enhance consumer spending and economic growth.

  3. Customs Duties and Import Taxes: Streamlining customs duties and import taxes could make imported raw materials and machinery more affordable for businesses, thus supporting local production and manufacturing.

  4. SME-Focused Tax Relief: The GNCCI suggests targeted tax incentives and relief measures for small and medium-sized enterprises (SMEs), recognizing their vital role in job creation and economic development.

  5. Digital Economy Taxation: In light of the growing digital economy, the GNCCI recommends a balanced approach to taxing digital transactions, ensuring fairness while not stifling innovation.

Balancing Revenue and Growth:

The GNCCI's proposals emphasize the importance of striking a balance between generating revenue for government expenditure and fostering an environment where businesses can thrive. Lowering certain taxes, especially on businesses and essential goods, can encourage investment, stimulate demand, and promote economic recovery.

Conclusion:

As the 2024 budget is being prepared, the Ghana National Chamber of Commerce and Industry's call for a review of existing taxes downwards reflects a commitment to supporting the country's business community and fostering economic growth. By carefully considering these proposals, the government can strike a balance between revenue generation and creating a conducive environment for businesses to prosper. Ultimately, these measures have the potential to drive Ghana's economic development and prosperity in the years ahead.