Sunyani: The business community in Sunyani says they anticipate some tax incentives and reduction of import duties in the 2025 Budget statement. Dr Cassiel Ato Baah Forson, the Minister of Finance, will present the first Business Statement and Economic Policy of the government to Parliament on Tuesday, March 11.
According to Ghana News Agency, traders, market women, and entrepreneurs at the Sunyani Central Business District (CBD) expressed concern over high taxes and import duties. They claimed these factors contributed to price instability and increased the cost of market products, including food items, goods, and services.
They argued that high taxes were not ideal during the economic crisis and urged the government to address loopholes in the nation's tax systems. "Tax evasion is the problem, and we expect the government to tighten the system so that no payer can evade tax. However, I expect that the government will reduce import duties and give us some tax holiday," said Madam Pricilla Boakyewaa, a dealer in cosmetics.
Anthony Frimpong, another businessperson, criticized the tax collection method in the informal sector and advocated for a digitized tax mobilization system in the country. He noted that some private enterprises and business entrepreneurs manage to evade taxes due to a polarized system. "In fact, you can't do that in Europe and elsewhere because their tax system works and is a serious economic crime to evade tax there," Frimpong, who lived in Germany for over 30 years, stated.
Mr Stephen Ayensu, an importer and dealer in second-hand clothing and footwear, highlighted that high import duties were detrimental to their businesses. "Price of goods and services keeps increasing because anytime you return from the ports, you must do something about the price of the imported goods to meet your profit," he explained.
Mrs Bernice Aboagyewaa, a trader selling building materials at the Sunyani Night Market enclave, noted that despite unstable and rising prices of building materials, demand for her products remained high. She emphasized that ordinary people bore most of the economic crisis's burden and suggested that the government's fiscal policy should address this by providing tax incentives to petty businesses and traders.
Mrs Aboagyewaa also urged the government to offer financial assistance to recognized traders and market women to expand their economic activities.