Given the current state of the economy and the financial strain imposed on Ghanaians, he said he would be "extremely shocked" if the government adopted such a change.
He thinks the government should look into other ways to raise money, such eliminating certain current taxes and reexamining tax exemptions, rather than enacting new ones.
Prof. Asuming said in a JoyNews interview that there are better options than burdening citizens with more taxes.
He maintained that rather than enacting more taxes, the government should concentrate on increasing tax compliance, expanding the revenue base, and reducing unnecessary spending.
"If the government decides to impose new taxes, I will be very surprised. I believe they might choose to eliminate some taxes or alter how others are calculated or operate. They may also choose to eliminate certain exemptions. However, he said, "I anticipate a net elimination of taxes or a net decrease in the taxes that are being imposed."
His remarks follow the parliamentary minority's vehement opposition to any prospective tax hikes. In a previous press briefing, the Minority threatened to oppose any efforts by the government to implement new taxes in the next fiscal year. taxes in the next fiscal year.
"If the government decides to impose new taxes, I will be very surprised. I believe they might choose to eliminate some taxes or alter how others are calculated or operate. They may also choose to eliminate certain exemptions. However, he said, "I anticipate a net elimination of taxes or a net decrease in the taxes that are being imposed."
His remarks follow the parliamentary minority's vehement opposition to any prospective tax hikes. In a previous press briefing, the Minority threatened to oppose any efforts by the government to implement new taxes in the next fiscal year. taxes in the next fiscal year.
They noted that in an effort to ease Ghanaians' financial hardship, the current administration had pledged to lower taxes. They contend that raising taxes at this time would be in violation of those pledges and exacerbate people's and businesses' financial difficulties.
President John Mahama, meanwhile, has defended the intentions of his incoming administration to do away with what he refers to as "nuisance taxes."
He contends that removing some taxes will benefit both individuals and companies while promoting economic expansion.
Mr. Mahama said in an interview with the Global South World News Network that his administration plans to increase the tax base and reduce wasteful government spending in order to make up for any possible income deficits. In order to improve compliance and lessen the burden on businesses, he also emphasized the necessity of a more straightforward tax system.
The president-elect promised to streamline the Value Added Tax (VAT) collection process through Point of Sale (POS) devices and simplify the VAT structure as part of his vision for a more effective tax system. He thinks the country's tax administration will eventually improve as a result of this digital strategy's increased transparency and decreased income leaks.
Ghanaians are eagerly awaiting the government's announcement of the 2025 budget in the upcoming months to see if it would address these issues or implement new revenue-raising strategies. Taxation is still a contentious topic as Ghana works through its post-crisis economic recovery.
For the time being, stakeholders—such as corporations, political leaders, and economists—keep pushing for laws that guarantee sustained revenue creation while reducing Ghanaians' financial burden.
President John Mahama, meanwhile, has defended the intentions of his incoming administration to do away with what he refers to as "nuisance taxes."
He contends that removing some taxes will benefit both individuals and companies while promoting economic expansion.
Mr. Mahama said in an interview with the Global South World News Network that his administration plans to increase the tax base and reduce wasteful government spending in order to make up for any possible income deficits. In order to improve compliance and lessen the burden on businesses, he also emphasized the necessity of a more straightforward tax system.
The president-elect promised to streamline the Value Added Tax (VAT) collection process through Point of Sale (POS) devices and simplify the VAT structure as part of his vision for a more effective tax system. He thinks the country's tax administration will eventually improve as a result of this digital strategy's increased transparency and decreased income leaks.
Ghanaians are eagerly awaiting the government's announcement of the 2025 budget in the upcoming months to see if it would address these issues or implement new revenue-raising strategies. Taxation is still a contentious topic as Ghana works through its post-crisis economic recovery.
For the time being, stakeholders—such as corporations, political leaders, and economists—keep pushing for laws that guarantee sustained revenue creation while reducing Ghanaians' financial burden.