High taxes lazy way of generating revenue – Greenstreet

Ivor Kobina Greenstreet
Ivor Kobina Greenstreet

Flagbearer of the Convention People’s party, Ivor Kobina Greenstreet, has criticized government for imposing harsh taxes on Ghanaians describing it as a lazy approach to revenue generation.

“Why are all these taxes there? It’s because government is lazy about how it is going to find revenue and therefore it is shifting the burden onto those who are already overburdened,” he added. Mr.

Greenstreet made the comment at the Institute of Economic Affairs’ [IEA] Evening Encounter Series on Tuesday.

Mr. Greenstreet assured that, a CPP government will reduce corporate taxes drastically.

“Corporate taxes would have to be reduced because as at now, a survey I saw over a month ago stated that, businesses file close to 22 or 23 different types of taxes and I think that is really too much of a burden on the already overburdened private sector.”

He however explained that, because his government would want to rake more revenue from the extractive sector, they would seek to increase the royalties and taxes from the sector instead, saying “we would want more from our national resources.”

“I certainly would not as was recently done by the NDC and the NPP, reduce the taxes and royalties I get from Gold Fields or gold companies. I cannot understand how those two parties in Parliament took that decision to reduce taxes on Gold Fields Ghana for the taxes and royalties they pay to the nation; we would want more from our national resources. So I might find some areas where corporate taxes will be reduced but I will increase it in some areas.”

The IEA Evening Encounters Series is an initiative by the IEA, to offer the various presidential hopefuls the platform to share their vision with Ghanaians ahead of the November polls.

We’ll repeal ‘nuisance’ taxes

Government has in recent months received a lot of bashing for increasing taxes.

The New Patriotic Party’s running mate, Dr. Mahamudu Bawumia, recently said his party will repeal what he describes as “nuisance taxes” should they win power in the November polls.


Source: citifmonline.com

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