Professor John Gatsi, an Economics Lecturer at the University of Cape Coast (UCC), has raised concerns over the issue of tax exemptions, particularly questioning the justification behind companies’ requests for such exemptions.
In an interview on the Citi Breakfast Show on Thursday, January 2, Prof. Gatsi emphasized the need for caution and seriousness when considering tax exemptions. He argued that not all companies applying for tax exemptions should automatically receive them and called for transparency in the criteria and methods used to determine eligibility.
“We need to be clear about the mechanisms and tools in place before granting tax exemptions. That is my position. I fail to see compelling reasons for granting over GHC350 million in exemptions to these companies,” Prof. Gatsi stated.”
“I have not heard any compelling reasons why those tax exemptions should be granted. What are they coming to do? Are they going to promote some kind of things basically for the country?
“If it is not strategic enough, I do not think tax exemptions are supposed to be given to any company that is applying. That is the baseline,” he stated.
The Speaker of Parliament, Alban Bagbin on Friday, December 20 adjourned proceedings to January 2, 2024, after Finance Minister Dr Mohammed Amin Adam failed to present the much-anticipated 2025 mini-budget.
The mini-budget, a constitutional requirement intended to provide a fiscal outlook for 2025, was expected to allocate funds for government expenditures in the first quarter of 2025 before the next administration assumes office.
