THREE NEW TAXES A DEATH WARRANT FOR BUSINESSES – FABAG

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The Food and Beverages Association of Ghana (FABAG) has expressed concerns with the three new taxes assented by President Nana Addo Dankwa Akufo-Addo saying the business community will be adversely affected.

It says the president’s assent is not only disappointing but also signals true doom for businesses in Ghana.

The association, which had argued against the passage of the new revenue laws and the President’s subsequent assent is gravely worried about how businesses risk being crippled.

The Executive Chairman of the Food and Beverages Association of Ghana, John Awuni said “This is very disappointing because a death warrant has been signed for firms. I will also say it’s a complete contradiction of the mantra of the government on 1D1F. Government has shot itself in the foot because you can’t say you are prompting industry and then come out with taxes that will kill the industry.”

President Nana Addo Dankwa Akufo-Addo has assented into law three new tax bills namely, the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022 after they were passed by parliament.

Information Minister, Kojo Oppong Nkrumah, indicated that the bills have since been returned to the Clerk of Parliament for the final processes to be completed.

John Awuni in an interview with journalist on Monday said that there isn’t enough to show for the multiplicity of levies the government has enacted.

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