CITG calls for taxation of Eurobond to pay Ghana debts
Mr George Ohene Kwatia, the President of the Chartered Institute of Taxation Ghana (CITG), has called for the taxation of Eurobond to enable the country to pay part of her debts.
He said it was unfortunate that the country was challenged with debt issues when there were means it could deal with its revenue shortfalls.
Mr Kwatia made the call at this year’s graduation, orientation and induction of the institute in Accra.
It was on the theme: “Navigating the Tax and Fiscal space in the Midst of Sovereign debt and financing crisis: The Role of Charted Tax Practitioners.”
Four hundred candidates who had completed their professional qualifying examinations and were eligible to undergo the mandatory post-qualification working experience, received certificates.
Additionally, 150 newly qualified Charted Tax Practitioners were inducted into the membership of the institute.
Mr Kwatia said on the local fronts, coupon payments and interests on bonds were taxed incidentally, because Eurobond was not taxed.
“This has been the biggest challenge to us in our debt management,” he said adding that “we sit here and do not tax Eurobonds and investors take the money free”.
He said the country needed certain provisions that would allow investors to pay the appropriate tax to the nation.
Mr Kwatia said taxation was a crucial artery that sustained the country’s economy as it formed the financial lifeline that powered governmental functions, facilitating the provision of vital public services and stimulating economic progress.
“The Government must ensure that certain laws and provisions are put in place to seal revenue mobilisation loopholes and deal with the revenue shortfalls of the country,” Mr Kawtia said.
He taxed the practitioners to bring their expertise on board to enable the country to collect the right taxes to fund its developmental projects.
Dr Yaw Osei Adutwum, Minister of Education in an address read for him, said government was working on initiatives designed to reinforce the practical aspects of tax education within the academic sector.
He commended the institute for continuous development of tax professionals and called for effective regulation of the practice of taxation to maintain the integrity and credibility of the profession.
Source: GNA