Former Finance Minister, Seth Terkper, has stated that the current tax regime in Ghana is a compelling reason for Ghanaians to vote for the former president and National Democratic Congress (NDC) flagbearer, John Dramani Mahama in the 2024 polls.
In an interview with Citi News‘ Hanson Agyemang on Monday, Mr. Terkper described the nation’s current tax rates as excessively high, branding them as the most severe and punitive in the country’s history.
He explained that such high tax rates could potentially lead individuals to find ways to evade these taxes.
“I think we are seeing the worst of the tax system… It is the most punitive and worst tax structure that we have had. And as with every tax that is punitive, you will end up not generating as much revenue as possible,” he said.
He further underscored that “But more importantly, when you begin to introduce punitive taxes, taxpayers find ways and means of evading and avoiding the tax. So if you have a simplified tax regime, it is better and compliance increases.”
As such, responding to whether that was the basis for Ghanaians to bring Mr. Mahama back, the former Finance Minister said “Oh absolutely.”
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