Business News of Monday, 27 November 2023
Source: www.ghanaweb.live
2023-11-27Minority vows to kick against government's push for tax exemptions to 45 companies
Minority Leader in Parliament, Dr Cassiel Ato Forson
The Minority Leader, Dr. Cassiel Ato Forson, has declared his side's unwavering commitment to thwart any government attempt to grant tax exemptions to some 45 companies, purportedly endorsed as One-District-One-Factory entities and strategic investors by the Ghana Investment Promotion Centre (GIPC).
Dr. Forson accused the Akufo-Addo administration of prioritizing tax revenue concessions for its associates, alleging that the move stems
Read full article.from an insatiable greed for financial gains through corruption.
In a statement on November 27, expressing deep concern over the escalating number of companies seeking tax breaks, he stated, "The escalation in the sheer number of companies being presented to parliament as candidates for tax exemption under this Akufo-Addo/Bawumia government is frightening."
Providing detailed insights, Dr. Forson disclosed, "There are about 45 companies that have been presented to parliament as one-district-one-factory companies, GIPC strategic investors, etc, to be exempted from the payment of taxes. In total, the government is asking parliament to grant tax exemptions to the tune of USD449,446,247.95 for these 45 companies. That is the equivalent of over five and a half (5.5) billion Ghana cedis!
"We are further told that there are a total of 118 companies being processed at the Ministry of Trade & Industry, Ministry of Finance, and the Ghana Investment Promotion Centre to be brought to parliament for tax exemptions. The total value of exemptions for these 118 companies is about seven billion Ghana cedis!"
Characterizing these requests as "unconscionable, inordinate, and bearing all the trappings of organized crime," Dr. Forson emphasized the Minority's commitment to resisting the tax waiver applications vigorously.
He questioned the government's haste, referencing past incidents where concerns were raised about due diligence on tax waiver requests.
"Why the indecent haste, if we may ask? We in the Minority are serving notice that we shall resist these tax waiver applications fiercely! In their current forms, we shall resist each and every one of the tax waiver applications with all the tools and strategies at our disposal," he concluded.
Below is the statement:
NYA/AE
