Ministry of Finance urges businesses to be tax compliant

A Deputy Minister of Finance, Abena Osei Asare has reiterated calls for businesses and individuals to be tax compliant.

She explains that domestic revenue mobilization has become critical given the current economic position of the country.

Speaking at the Launch of the National Public Financial Management (PFM) organized by the Institute of Chartered Accountants Ghana and Price water Coopers Ghana in Accra, Abena Osei Asare indicated the need to enhance the low tax matric of the country.

“In a period where the country has limited access to other sources of funds, prioritizing, collecting and effective use of domestic revenue is not an option but only real choice,” she said.

“Ghana has 13% tax to GDP ratio, currently behind the West African average of about 18 %. Clearly there is some work to be done to improve this matric, which is key to raising adequate finances to support our economy and put it on sustainable footing,” she added.

On her part, President of the Institute of Chartered Accountants (ICAG) Sena Dake indicated the need for the public sector to strengthen the implementation of the Public Financial Management (PFM) in its business transactions.

This, she explains will safeguard the public purse and ensure investor confidence.

“The Financial Management is the heart of all the finances because when resources are well managed and stewardship is assured and accountability and transparency is established then the confidence of investors and the public is very high. This has made this engagement very important,” she said.

Credit: Citi business