A fiery debate erupted in Parliament as Minority Leader Alexander Afenyo-Markin fiercely criticized the Finance Minister’s decision to abolish tax exemptions for the private sector. Apexnewsgh reports
Afenyo-Markin argued that this move would suffocate business growth and hinder job creation, emphasizing that tax exemptions are vital for economic expansion.
According to Afenyo-Markin, tax exemptions provide businesses with more disposable income to reinvest, scale up operations, and create employment opportunities. He accused the Finance Minister of demonstrating a lack of understanding of the private sector’s needs by failing to offer alternative incentives.
Rather than eliminating tax exemptions, Afenyo-Markin urged the government to introduce strict monitoring mechanisms to prevent abuse while ensuring transparency and accountability. This, he argued, would allow businesses to continue benefiting from exemptions without compromising revenue collection.
The debate highlighted concerns that the Finance Minister’s budget statement overlooked the critical role of tax incentives in supporting private sector competitiveness. Many business leaders have echoed Afenyo-Markin’s stance, warning that removing exemptions could make it harder for companies to sustain operations and expand.
As the government weighs its next steps, it remains to be seen whether it will reconsider its position or implement alternative measures to support private sector growth. The fate of tax exemptions and their impact on Ghana’s economy hangs in the balance.
Source: Apexnewsgh.com
