The secretary of the Ashanti Business Owners Association (ABOA) is warning that businesses will be forced to flee the country due to the unbearable tax environment.
This warning follows the passage of three controversial taxes into law by parliament last Friday.
The taxes are the the Income Tax Amendment Bill, the Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill are expected to generate about GH¢4 billion annually.
Speaking on Plan B Fm’s late afternoon EBAANOSEN on Monday, the secretary Mr. Kusi said businesses will leave the country as a result of the numerous taxes imposed on majority of it members in the Ashanti Region.
He said majority have already closed down their shops and also downsized their staff which he believes will cause more hardships in the country.
According to him, businesses will settle in countries that have a conducive environment for their businesses to thrive.
He stated that the passage of the taxes will result in the collapse of businesses and downsizing in some cases.
“Businesses that will not be able to survive here Ghana in will relocate to other countries and we have seen some of them relocating. Some of them are closing down and going to the neighboring countries because the business environment is conducive. You are losing taxes on those people that you want to get revenue from,” he pointed out.
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