- Abeiku Gyan-Quansah from PwC Ghana criticized the current VAT system in the country.
- He described the system as terrible and said it encourages tax evasion.
- Gyan-Quansah spoke at a Joy Business Economic Dialogue.
- He supported the government’s plan to review the VAT framework.
- The current system is seen as punitive and leads to non-compliance and revenue losses.
- Businesses with profit margins below 6% are heavily penalized.
- He called for the Finance Minister to use public support to reform the VAT system.
- The goal is to create a system that encourages voluntary compliance.
- The article highlights the need for urgent changes to improve revenue collection.
Source: myjoyonline.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.
