- The state of Ghana’s economy is facing challenges due to high VAT rates and other taxes.
- The depreciation of the currency has led to a depletion of capital.
- Inflation has affected the purchasing power of consumers.
- Ghana is facing competition from neighboring countries with lower taxes and costs of doing business.
- High utility bills and the stretched VAT system are hindering business growth.
- The VAT rate in Ghana is extremely high, making it unattractive for businesses and consumers.
- The tax system needs to be restructured to ensure compliance and revenue enhancement.
- Efficient and pragmatic ways of tax collection should be adopted.
- The current tax system is not achieving revenue targets and is burdensome for businesses and individuals.
Source: youtube.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
