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Property Tax Instrumental to the ‘Ghana Beyond Aid’ Policy

Ghanaian government can achieve its ‘Ghana Beyond Aid’ prospects as long as increased taxation is enforced.

Property Tax Instrumental to the ‘Ghana Beyond Aid’ Policy

Ghanaian government can achieve its ‘Ghana Beyond Aid’ prospects as long as increased taxation is enforced, including the proposed property tax.

The Danish Ambassador to Ghana, Tove Degnbol, has indicated in a recent interview that it is possible for the government to address current development issues and improve the economy, but it may come at a substantial cost.

For the government to achieve its purpose, there must be “much-increased taxation” to generate domestic revenue to embark on all the developmental projects and improve on living conditions and the economy at large.

Property tax reforms represent such tax increases. The Ghanaian government is making progress towards new tax reforms for the 2018 fiscal year involving the property tax rate and its timely collection.

According to the Ambassador, it is important that property tax is efficiently collected from those who can afford it, as the potential for improvement is significant.

An improved tax collection system is badly needed, including at customs at the ports and harbours. Other collection points are the improved and efficient collection of royalties from mining companies, as well as a general broadening of the country’s tax base.

Moving from aid to trade will also require government’s obligation to ensure basic services and improve living conditions in areas even beyond aid, and better business cooperation. These are current concerns voiced by the communities and acknowledged by the Ambassador.

Denmark has pledged its support in strengthening the move from aid to trade by increasing more investments and trade cooperation “to help Ghana go beyond aid” in support of the positive changing conditions in the country as a result of economic development.

Read more on ghanaweb.com.

Mobus Properties Ltd. is a privately-held Ghanaian property investment, development, and management company focusing on commercial and residential property development. 

 

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