Gov’t Will Not Be Affected By Tax Relief On Trust Donors” - William Demetia
Tax Analyst, William Demetia has revealed that the Akufo-Addo Government will not be affected on its revenue target for the year if it relief taxes on companies that have donated towards the National covid-19 Trust Fund.
Thinknewsonline.com is learning that Ghana Revenue Authority (GRA) is the policy will only affect companies that are yet to donate.
It is emerging that the Trust Fund has received GH$50 million in donations from individuals and organization, so far.
Although lots of people have surround controversial rationale behind the idea,it seems government will not be able to meet its revenue targets of the year due to the coronavirus pandemic.
He added that government at this stage is keen on developing and building the economy adding that could be a way to achieve the target.
Mr Demetia said “I think the Minister of Finance in his speech to Parliament made it very clear that government will not achieve its revenue target for the year. If you look at the estimate of things we are losing over the period, government is estimated to be losing in the billions of Ghana cedi’s in terms of revenue, and so it is without doubt that government will not achieve its revenue target”
He said “…But we must remember that we are in a crisis situation where there is a need to bring in efforts to preserve human lives to ensure that the quality of life is preserved, by ensuring that those who are not so well in society are catered for”
The Tax Analyst further explained that government must ensure that its assistance goes to the right quarters.
“It is a cause that we have to support but as I always insist, we must find out whether the right checks and balances are in place to be able to ensure that the relief gets to the needed or the targeted person. Your first and foremost task is to get the economy running and then you can look at improving your tax deficiency models to be able to rake in the needed revenue” he noted.
Story by: Magdalene Maame Abena Serwaa Asante