Government committed to utilising oil wealth to reduce poverty – Ayariga

Mr Mahama Ayariga, Deputy Minister of Education, on Monday reiterated government’s commitment to utilise the country’s oil wealth to reduce poverty stressing that there was the need to develop local expertise to manage the prospects in the industry.

He was speaking at the launch of two syllabuses of the Chartered Institute of Taxation Ghana (CITG) on taxation in the oil and gas industry in Accra.

The syllabuses, CITG Professional Examination Scheme and Taxation Certificate Examination Syllabus, are to train tax technicians for the oil industry.

Mr Ayariga observed that inadequate tax expertise in the oil and gas industry had compelled government and some multinational companies to deploy tax experts from outside the country, adding that the move was costly.

He applauded the initiative of the management of CITG to train tax technicians in the oil industry and charged them to adequately build the capacity of students to serve the industry.

Mr Felix Ahima-Adonteng, President of CITG, expressed worry that there was significant tax expert deficit in the country, adding that the institute was committed towards increasing tax professionals.

He advised the citizenry to pay their taxes regularly to generate enough revenue for national development.

Mr Prince Rasaq Kunle Quadri, President of the West African Union of Tax Institutes, suggested that tax institutes in various countries must teamed up to formulate a tax law that was applicable to all member states.

CITG, the professional body that deals principally with taxation, has been operating since 1978 and was formally incorporated under the Companies Code 1963 (Act 179) as Ghana Institute of Taxation on May 2, 1980.

On 7th June 1993, the Institute was registered under the Professional Bodies Registration Decree, 1973 (NRCD 143).

The name of the institute was changed to Chartered Institute of Taxation, Ghana on 8th February, 2001.

Source: GNA