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The business community in Sunyani says they anticipate some tax incentives and reduction of import duties in the 2025 Budget statement.
Dr Cassiel Ato Baah Forson, the Minister of Finance will present the first Business Statement and Economic Policy of the government to Parliament on Tuesday, March 11.
During a visit on Monday, traders, market women and entrepreneurs at the Sunyani Central Business District (CBD) told the Ghana News Agency (GNA) that they were worried about high taxes and import duties. That, they added, was contributing to price instability and increasing market products, including food items, goods, and services.
They were of the view that high taxes were not the option now, though the country was experiencing economic crisis, however, called on the government to ensure that loopholes in the nation’s tax systems were tackled and cemented.
“Tax evasion is the problem, and we expect the government to tighten the system so that no payer can be able to evade tax. However, I expect that the government will reduce import duties and give us some tax holiday,” Madam Pricilla Boakyewaa, a dealer in cosmetics stated.
Another businessperson, Anthony Frimpong noted that tax collection in the informal sector was not the best, calling for a digitized way of tax mobilization in the country. He expressed worry that some private enterprises and businesses entrepreneurs “find their way out and dodging taxes our system is polarised.”
“In fact, you can’t do that in Europe and elsewhere because their tax system works and is a serious economic crime to evade tax there,” Mr Frimpong who said he had lived in Germany for more than 30 years stated. Mr Stephen Ayensu, an importer and dealer in second hand clothing and footwear, said “high import duties are collapsing our business.
Price of goods and services keeps increasing because anytime you return from the ports you must do something about the price of the imported goods to meet your profit,” he stated. Mrs Bernice Aboagyewaa, a trader selling building materials at the Sunyani Night Market enclave, even though the price of building materials remained unstable and kept increasing, the demand for her products was still high.
“It is the ordinary people enduring the most of the nation’s economic crisis, and the government fiscal policy must tackle that and give some tax incentives to petty businesses and traders. Mrs Aboagyewaa also called on the government to provide some financial assistance to recognised traders and market women to expand their economic activities.
Source: GNA
